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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Note 1 - General information</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Holdings, Inc. (“DHT” or the “Company”) is a company incorporated under the laws of the Marshall Islands whose shares are listed on the New York Stock Exchange.  The Company's principal executive office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Maritime, Inc. (formerly Double Hull Tankers, Inc.) was incorporated on April 14, 2005 under the laws of the Marshall Islands as a wholly owned indirect subsidiary of Overseas Shipholding Group, Inc. (“OSG”).  In October 2005, DHT Maritime, Inc. completed its initial public offering.  During the first half of 2007, OSG sold all of its common stock of the DHT Maritime, Inc.  Subsequent to a corporate restructuring in March 2010, DHT Maritime, Inc. was a wholly owned subsidiary of DHT until it was dissolved November 2018.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company has 35 material wholly owned subsidiaries of which 24 are Marshall Island companies, seven are Cayman Islands companies, three are Singapore companies and one is a Norwegian company.  Twenty of the Marshall Islands subsidiaries and the seven Cayman Island subsidiaries are vessel-owning companies (the “Vessel Subsidiaries”).   The primary activity of each of the Vessel Subsidiaries is the ownership and operation of a vessel.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Our principal activity is the ownership and operation of a fleet of crude oil carriers.  As of December 31, 2018 our fleet consisted of 27 very large crude carriers, or “VLCCs,” which are tankers ranging in size from 200,000 to 320,000 deadweight tons, or “dwt.”  Our fleet principally operates on international routes and had a combined carrying capacity of 8,360,850 dwt.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">With regards to amounts in the financial statements, these are shown in USD thousands.</div> <div><br /> </div> <div><br /> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Note 2 - Significant accounting principles</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Statement of compliance</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The DHT Holdings, Inc. consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Basis of preparation</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The financial statements have been prepared on a historical cost basis, except for derivative financial instruments that have been measured at fair value.  Historical cost is generally based on the fair value of the consideration given in exchange for assets.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The principal accounting policies are set out below.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Basis of consolidation</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The consolidated financial statements comprise the financial statements of the Company and entities controlled by the Company (and its subsidiaries).  Unless otherwise specified, all subsequent references to the “Company” refer to DHT and its subsidiaries.  Control is achieved where the Company has power over the investee, is exposed or has the rights to variable returns from its investment with an entity and has the ability to affect those returns through its power over the entity.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The results of subsidiaries acquired or disposed during the year are included in the consolidated financial statements from the effective date of acquisition or up to the effective date of disposal, as appropriate.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies.  All intercompany balances and transactions have been eliminated upon consolidation.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-9</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Acquisitions made by the Company which do not qualify as a business combination under IFRS 3, “Business Combinations,” are accounted for as asset acquisitions.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Business combinations</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Acquisitions of businesses are accounted for using the acquisition method.  The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Company, liabilities incurred by the Company to the former owners of the acquiree and the equity interests issued by the Company in exchange for control of the acquiree.  Acquisition-related costs are generally recognized in profit or loss as incurred.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">At the acquisition date, the identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition are recognized at their fair value, except for non-current assets that are classified as held for sale and are recognized at the lower of carrying amount and fair value less cost to sell, and deferred tax assets and liabilities which are recognized at nominal value.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Goodwill arising on acquisition is recognized as an asset measured at the excess of the sum of the consideration transferred, the fair value of any previously held equity interest and the amount of any non-controlling interests in the acquiree over the net amounts of the identifiable assets acquired and the liabilities assumed.  If, after reassessment, the Company's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities exceed the total consideration of the business combination, the excess is recognized in the income statement immediately.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete.  Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts or circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Investments in associates</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">An associated company is an entity over which the Company has significant influence and that is not a subsidiary or a joint arrangement.  Significant influence is the power to participate in the financial and operating policy decisions of the investee but without the ability to have control over those policies.  Significant influence normally exists when the Company has 20% to 50% of the voting rights unless other terms and conditions affect the Company's influence.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The investments in associates are accounted for using the equity method.  Such investments are initially recognized at cost.  Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Under the equity method the interest in the investment is based on the Company's proportional share of the associate's equity, including any excess value and goodwill.  The Company recognizes its share of net income, including depreciation and amortization of excess values and impairment losses, in “Share of profit from associated companies”.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The financial statements of the associate are prepared for the same reporting period as the Company.  When necessary, adjustments are made to bring the accounting policies in line with those of the Company.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">After application of the equity method, the Company determines whether it is necessary to recognize an impairment loss.</div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-10</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Cash and cash equivalents</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest-bearing deposits that are highly liquid investments and have a maturity of three months or less when purchased are included in cash and cash equivalents.  Cash and cash equivalents are recorded at their nominal amount on the statement of financial position.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Vessels</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Vessels are stated at historical cost, less accumulated depreciation and accumulated impairment losses.  For vessels purchased, these costs include expenditures that are directly attributable to the acquisition of these vessels.  Depreciation is calculated on a straight-line basis over the useful life of the vessels, taking residual values into consideration, and adjusted for impairment charges or reversal of prior impairment charges, if any.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The estimated useful lives and residual values are reviewed at least at each year end, with the effect of any changes in estimate accounted for on a prospective basis.  We assume an estimated useful life of 20 years.  Each vessel's residual value is equal to the product of its lightweight tonnage and an estimated scrap rate per ton.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Capitalized drydocking costs are depreciated on a straight-line basis from the completion of a drydocking to the estimated completion of the next drydocking.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Capitalized scrubber costs are depreciated on a straight-line basis from the time of installation of the equiptment to the end of the estimated useful life.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Vessels under construction - pre-delivery installments</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The initial pre-delivery installments made for vessels ordered in 2017 have been recorded in the statement of financial position as “Advances for vessels under construction” under Non-current assets.  No vessels were ordered in 2016 or 2018.  Vessels under construction are presented at cost less identified impairment losses, if any.  Costs relating to vessels under construction include pre-delivery installments to the shipyard and other vessel costs incurred during the construction period that are directly attributable to construction of the vessels, including borrowing costs, if any, incurred during the construction period.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Docking and survey expenditure</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company's vessels are required to be drydocked every 30 to 60 months.  The Company capitalizes drydocking costs as part of the relevant vessel and depreciates those costs on a straight-line basis from the completion of a drydocking to the estimated completion of the next drydocking.  The residual value of such capital expenses is estimated at nil.  Drydock costs include a variety of costs incurred during the drydock project, including expenses related to the drydock preparations, tank cleaning, gas-freeing and re-inerting, purchase of spare parts, stores and services, port expenses at the drydock location, general shipyard expenses, expenses related to hull and outfitting, external surfaces and decks, cargo- and ballast tanks, engines, cargo systems, machinery, equipment and safety equipment on board the vessel as well as classification, Condition Assessment Programme (“CAP”) surveys and regulatory requirements.  Costs related to ordinary maintenance performed during drydocking are charged to the income statement as part of vessel operating expenses for the period which they are incurred.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Vessels held for sale</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Vessels are classified separately as held for sale as part of current assets in the statement of financial position when their carrying amount will be recovered through a sale of transaction rather than continuing 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For this to be the case, the asset must be available for immediate sale in its present condition and its sale must be highly probable. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the asset, and an active programme to locate a buyer and complete the plan must have been initiated. Further, the asset must be actively marketed for sale at a price that is reasonable in relation to its current fair value. In addition, the sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. The probability of shareholders' approval should be considered as part of the assessment of whether the sale is highly probable. Vessels classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-11</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Impairment of vessels</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The carrying amounts of vessels held and used are reviewed for potential impairment whenever events or changes in circumstances 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Roman';font-size:10pt;text-align:left;">The Company assesses at each reporting date if there is any indication that an impairment recognized in prior period may no longer exist or may have decreased.  A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount, however, not to an extent higher than the carrying amount that would have been determined, had no impairment loss been recognized in prior years.  Such reversals are recognized in the income statement.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Property, plant and equipment other than vessels</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Property, plant and equipment are stated at historical cost less accumulated depreciation and any impairment charges.  Depreciations are calculated on a straight-line basis over the assets expected useful life and adjusted for any impairment charges.  Expected useful life is five years for furniture and fixtures and three years for computer equipment and software.  Expected useful lives are reviewed annually.  Ordinary repairs and maintenance costs are charged to the income statement during the financial period in which they are incurred.  Major assets with different expected useful lives are reported as separate components.  Property, plant and equipment are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset exceeds its recoverable amount.  The difference between the assets carrying amount and its recoverable amount is recognized in the income statement as impairment.  Property, plant and equipment that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Bunkers</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Bunkers is stated at the lower of cost and net realizable value.  Cost is determined using the FIFO method and includes expenditures incurred in acquiring the bunkers and delivery cost less discounts.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Leases</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The determination of whether an arrangement is, or contains a lease, is based on the substance of the arrangement at inception date: whether fulfillment of the arrangement is dependent on the use of a specific or assets or the arrangement conveys a right to use the asset.  Time charters and bareboat charter arrangements are assessed to involve lease arrangements.  Leases in which a significant portion of the risks and rewards of the ownership are retained by the lessor are classified as operating lease.  The charter arrangements whereby the Company's vessels are leased are treated as operating leases.  Payments received under operating leases are further described in the paragraph discussing revenue.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Revenue and expense recognition</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company recognizes revenue from the following major sources:</div> <div><br /> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">●</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Revenue from time charters</div> </td> </tr> </table> </div> <div><br /> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">●</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Revenue from spot charters</div> </td> </tr> </table> </div> <div> </div> <div><br />  </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-12</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Revenues from time charters and bareboat charters are accounted for as operating leases and are thus recognized on a straight-line basis over the rental periods of such charters.  Revenue is recognized from delivery of the vessel to the charterer until the end of the lease term.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Effective from January 1, 2018, the Company adopted the new accounting standard IFRS 15 <font style="font-family:'Times New Roman';font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font> using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Revenue is measured based on the consideration to which the Company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue when it transfers control of a product or service to a customer.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">For vessels operating on spot charters, voyage revenues are, under the new revenue standard, recognized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port if they qualify as fulfilment cost under IFRS 15. To recognize costs incurred to fulfil a contract as an asset, the following criteria shall be met; (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The impact on the Company's consolidated financial statements are described below.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Time charters continue to be accounted as operating leases in accordance with IAS 17 and related interpretations and the implementation of the new revenue standard therefore did not have an effect on income recognition from such contracts.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Vessel expenses are expensed when incurred and include crew costs, vessel stores and supplies, lubricating oils, maintenance and repairs, insurance and communication costs.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company has entered into time charters where the Company has the opportunity to earn additional hire when vessel earnings exceed the basic hire amounts set forth in the charters. Additional hire, if any, is calculated and paid either monthly, quarterly or semi-annually in arrears and recognized as revenue in the period in which the revenue recognition criteria in accordance with IAS 17 was met.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Financial liabilities</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Financial liabilities are classified as either financial liabilities “at fair value through profit or loss” (FVTPL) or “other financial liabilities”.  The FVTPL category comprises the Company's derivatives.  Other financial liabilities of the Company are classified as “other financial liabilities”.</div> <div><br /> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="align:right;font-family:'Times New Roman';font-size:10pt;font-weight:bold;vertical-align:top;width:18pt;">(a)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Other financial liabilities</div> </td> </tr> </table> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Other financial liabilities, including debt, are initially measured at fair value, net of transaction costs.  Other financial liabilities are subsequently measured at amortized cost using the effective interest method, with interest expense recognized on an effective yield basis.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period.  The effective interest rate is the rate that discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.</div> <div><br /> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="align:right;font-family:'Times New Roman';font-size:10pt;font-weight:bold;vertical-align:top;width:18pt;">(b)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;"><u>Derivatives</u></div> </td> </tr> </table> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company uses interest rate swaps to convert part of the interest-bearing debt from floating to fixed rate.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-13</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at each reporting date.  The resulting gain and loss is recognized in profit or loss immediately.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Fair Value Measurement</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions.  Fair value is an exit price regardless of whether that price is directly observable or estimated using another valuation technique.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Financial assets - receivables</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Trade receivables are measured at amortized cost using the effective interest method, less any impairment.  Normally the interest element could be disregarded since the receivables are short term.  The Company regularly reviews its accounts receivables and estimates the amount of uncollectible receivables each period and establishes an allowance for uncollectible amounts.  The amount of the allowance is based on the age of unpaid amounts, information about the current financial strength of customers and other relevant information.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Derecognition of financial assets and financial liabilities</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company derecognizes a financial asset only when the contractual rights to cash flows from the asset expire, or when it transfers the financial asset and substantially all risks and reward of ownership of the asset to another entity.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company derecognizes financial liabilities when, and only when, the Company's obligations are discharged, cancelled or expire.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Foreign currency</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The functional currency of the Company and each of the Vessel Subsidiaries is the U.S. dollar.  This is because the Company's vessels operate in international shipping markets, in which revenues and expenses are settled in U.S. dollars, and the Company's most significant assets and liabilities in the form of vessels and related liabilities are denominated in U.S. dollars.  For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Company's foreign operations are translated into U.S. dollar using exchange rates prevailing at the end of each reporting period.  Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during the period, in which case the exchange rates at the date of the transactions are used.  Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Classification in the Statement of Financial Position</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Current assets and current liabilities include items due less than one year from the reporting date, and items related to the operating cycle, if longer, and those primarily held for trading.  The current portion of long-term debt is included as current liabilities.  Other assets than those described above are classified as non-current assets.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Where the Company holds a derivative as an economic hedge (even if hedge accounting is not applied) for a period beyond 12 months after the reporting date, the derivative is classified as non-current (or separated into current and non-current).</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Related parties</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions.  Parties are related if they are subject to common control or common significant influence.  Key management personnel of the Company are also related parties.  All transactions between the related parties are recorded at estimated market value.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-14</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div style="font-style:italic;">Taxes</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company is a foreign corporation that is not subject to United States federal income taxes.  Further, the Company is not subject to income taxes or tax reporting requirements imposed by the Marshall Islands, the country in which it is incorporated.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Norwegian management company, DHT Management AS, is subject to taxation in Norway and the companies in Singapore, DHT Ship Management (Singapore) Pte. Ltd., DHT Chartering (Singapore) Pte. Ltd. and DHT Management Pte. Ltd., are subject to taxation in Singapore.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Income tax expense represents the sum of the taxes currently payable and deferred tax.  Taxes payable are provided based on taxable profits at the current tax rate.  Deferred taxes are recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.  Deferred tax liabilities are generally recognized for all temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Stock Compensation</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Employees of the Company receive remuneration in the form of restricted common stock and stock options that are subject to vesting conditions. Equity-settled share-based payment is measured at the fair value of the equity instrument at the grant date.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the Company's estimate of equity instruments that will eventually vest.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Pension</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">For defined benefit retirement plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each reporting period.  Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognized in other comprehensive income in the period in which it occurs.  Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss.  Past service cost is recognized in profit or loss in the period of a plan amendment.  Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the Group's defined benefit plan.  Any surplus resulting from this calculation is limited to the present value of any economic benefit available in the form of refunds from the plans or reductions in future contributions to the plans.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Segment information</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company has only one operating segment, and consequently does not provide segment information, except for the entity-wide disclosures required.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Use of estimates</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.  Areas where significant estimates have been applied are:</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="vertical-align:top;width:2%;"> </td> <td style="vertical-align:top;width:2%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;margin-left:18pt;text-align:center;">●       </div> </td> <td style="vertical-align:top;width:92%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;"><u>Depreciation</u></font>: As described above, the Company reviews estimated useful lives and residual values each year.  Estimated useful lives may change due to changed end-user requirements, costs related to maintenance and upgrades, technological development and competition as well as industry, environmental and legal requirements.  In addition, residual value may vary due to changes in market prices on scrap. The estimated depreciation period applied to the scrubbers is based on expected future economic life. The scrubbers, are fitted to meet requirements of the IMO Sulphur Cap that will be implemented from January 1, 2020 and they are expected to have a life of three years from that date.</div> </td> </tr> </table> <div> </div> <div> </div> <div> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-15</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="vertical-align:top;width:2%;"> </td> <td style="vertical-align:top;width:2%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;margin-left:18pt;text-align:center;">●       </div> </td> <td style="vertical-align:top;width:92%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;"><u>Drydock period</u></font>: The drydock period impacts the depreciation rate applied to capitalized survey cost.  The vessels are required by their respective classification societies to go through a dry dock at regular intervals.  In general, vessels below the age of 15 years are docked every five years and vessels older than 15 years are docked every 2-1/2 years.</div> <div> </div> </td> </tr> <tr> <td style="vertical-align:top;width:2%;"> </td> <td style="vertical-align:top;width:2%;"> </td> <td style="vertical-align:top;width:92%;"> </td> </tr> <tr> <td style="vertical-align:top;width:2%;"> </td> <td style="vertical-align:top;width:2%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;margin-left:18pt;text-align:center;">●</div> </td> <td style="vertical-align:top;width:92%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;"><u>Value in use</u></font>: As described in note 6, in assessing “value in use,” the estimated future cash flows are discounted to their present value. In developing estimates of future cash flows, we must make significant assumptions about future charter rates, future use of vessels, ship operating expenses, drydocking expenditures, utilization rates, fixed commercial and technical management fees, residual value of vessels, the estimated remaining useful lives of the vessels and the discount rate.</div> </td> </tr> </table> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Use of judgment</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In the process of applying the Company's accounting policies, management has made the following judgments which have the most significant effect on the amounts recognized in the financial statements:</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Impairment</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Each of the Company's vessels has been treated as a separate Cash Generating Unit (“CGU”) as the vessels have cash inflows that are largely independent of the cash inflows from other assets and therefore can be subject to a value-in-use analysis.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Judgment has been applied in connection with the assessment of indicators of impairment or reversal of prior impairment.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Acquisition of 11 VLCCs from BW Group</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In March 2017, the Company entered into a Vessel Acquisition Agreement (“VAA”) with BW Group Limited (“BW Group”) providing for the acquisition of BW's VLCC fleet. The fleet consisted of 11 VLCCs, including two newbuildings. All nine vessels in the water were delivered to DHT during the second quarter of 2017 and the two newbuildings were delivered to DHT during the second quarter of 2018. The vessels were delivered without contracts, except for one time-charter agreement lasting for a limited period of time. Ship management was transferred to our associate Goodwood Ship Management Pte Ltd using the same strategy as used for the rest of the DHT fleet. One vessel had a short term ship management agreement with BW Group until the time-charter agreement expired. None of the other vessels had any open contracts associated with them at the time of delivery to DHT. No employees were transferred to DHT as part of the VAA. On evaluation of the facts and circumstances of the acquisition, management concluded that the acquisition from BW Group did not constitute a business combination (as defined in IFRS 3 Business Combinations), and as such, treated the acquisition of the 11 VLCCs as an asset acquisition in accordance with IAS 16 Property, Plant and Equipment.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Application of new and revised International Financial Reporting Standards (“IFRSs”)</div> <div><br /> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="align:right;font-family:'Times New Roman';font-size:10pt;font-weight:bold;vertical-align:top;width:18pt;">(a)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">New and revised IFRSs, and interpretations mandatory for the first time for the financial year beginning January 1, 2018.</div> </td> </tr> </table> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Adoption of IFRS 9 Financial Instruments</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In July 2014, the IASB finalized the reform of financial instruments accounting and issued IFRS 9  <font style="font-family:'Times New Roman';font-size:10pt;font-style:italic;">Financial Instruments</font> (as revised in 2014), which contains the requirements for a) the classification and measurement of financial assets and financial liabilities, b) impairment methodology and c) general hedge accounting. IFRS 9 (as revised in 2014) superseded IAS 39 Financial Instruments: Recognition and Measurement effective January 1, 2018.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-16</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Key requirements of IFRS 9:<br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The new standard requires all financial assets to be subsequently measured at amortized cost or fair value depending on the business model of the legal entity in relation to the management of the financial assets and the contractual cash flows of the financial assets. In relation to the impairment of financial assets, IFRS 9 uses an expected credit loss model that requires an entity to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. The standard also requires financial liabilities to be classified as either at fair value through profit or loss or at amortized cost. IFRS 9 also introduced a new hedge accounting model that is designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non-financial risk exposures. The company does not apply hedge accounting on its interest rate swaps in relation to its floating rate debt.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The application of IFRS 9 Financial Instruments did not have a material impact on the Company's consolidated financial statements.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Adoption of IFRS 15 Revenue from Contracts with Customers</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Effective January 1, 2018, the Company adopted the new accounting standard IFRS 15 <font style="font-family:'Times New Roman';font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font> using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">For vessel operating on spot charters, voyage revenues are, under the new revenue standard, recognized ratably over the estimated length of each voyage, calculated on a load-to discharge basis. Voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port if they qualify as fulfillment cost under IFRS 15. To recognize cost incurred to fulfil a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the cost generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Time charters continue to be accounted as operating lease in accordance with IAS 17 and related interpretations and the implementation of the new revenue standard therefore did not have an effect on income recognition from such contracts.</div> <div><br />  </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-17</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:normal;text-align:left;">The cumulative effect of the adjustments made to our consolidated statement of financial position at January 1, 2018 from the adoption of IFRS 15 <font style="font-family:'Times New Roman';font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font> was as follows:</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Condensed consolidated statement of financial position <br /> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr style="height:45px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Balance at</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">December 31,</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Adjustments</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">due to IFRS 15</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Balance at</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">January 1,</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Assets</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts receivable and accrued revenues</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">42,212</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(7,437</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">34,775</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Capitalized voyage expenses</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,888</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,888</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Liabilities</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9.29%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payable and accrued expenses</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">17,427</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(815</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">16,613</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Stockholders' equity</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9.29%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accumulated deficit</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(222,087</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(4,734</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(226,821</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr style="height:17px;"> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9.29%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr style="height:12px;"> <td colspan="14" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The impact of the adoption of IFRS 15 <font style="font-family:'Times New Roman';font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font> on our consolidated statement of financial position as of December 31, 2018, consolidated income statement and consolidated statement of cash flow were as follows: </div> </td> </tr> <tr style="height:12px;"> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td colspan="10" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr style="height:6px;"> <td valign="bottom" style="vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Condensed consolidated statement of financial position </div> </td> <td valign="bottom" style="vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:right;vertical-align:bottom;width:9.29%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr style="height:6px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:34%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="11" valign="bottom" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"><font style="font-weight:bold;">Balance as of December 31, 2018</font>  </td> <td valign="bottom" style="padding-bottom:2px;text-align:center;vertical-align:bottom;width:30%;"> </td> </tr> <tr style="height:6px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:34%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;width:9.29%;"><font style="font-weight:bold;">As reported</font> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Adjustments</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">due to IFRS 15 </div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;width:9%;"> <div style="font-weight:bold;">Balance without</div> <div style="font-weight:bold;">adoption of</div> <div><font style="font-weight:bold;">IFRS 15</font> </div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Assets</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9.29%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts receivable and accrued revenues</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="font-family:'Times New Roman';font-size:10pt;">60,196</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">8,271</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">68,467</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Capitalized voyage expenses</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,633</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(1,633</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">0</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Liabilities</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9.29%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payable and accrued expenses</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="font-family:'Times New Roman';font-size:10pt;">28,634</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">602</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">29,236</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Stockholders' equity</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9.29%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Accumulated deficit</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(285,383</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,036</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(279,347</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> </table> <div> </div> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Condensed consolidated income statement 2018</div> <div><br /> </div> <table align="left" border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:70%;"> <tr> <td style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">As reported</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Adjustments</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;"> due to IFRS 15</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Without adoption of<br /> IFRS 15</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Shipping revenues</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">375,941</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">834</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">376,776</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Voyage expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(161,891</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">468</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(161,423</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr style="height:14px;"> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Profit/(loss) for the year</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(46,927</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,302</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(45,625</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> </tr> </table> <div style="clear:both;"><br /> </div> <div style="font-weight:bold;">Condensed consolidated statement of cash flow 2018</div> <div><br /> </div> <table align="left" border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:70%;"> <tr> <td style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">As reported</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Adjustments</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">due to IFRS 15</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Without adoption of<br /> IFRS 15</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/(loss) for the year</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(46,927</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,302</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(45,625</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts receivable and accrued revenues</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(25,421</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(834</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(26,255</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Capitalized voyage expenses</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">255</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(255</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(0</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payable and accrued expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">8,234</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(213</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">8,021</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net cash provided by operating activities</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">53,985</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(0</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">53,985</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div style="clear:both;"><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. The closing balance of assets recognized from the costs to obtain or fulfil a contract was $1.6 million as per December 31, 2018. During the twelve months of 2018, $1.5 million was amortized and no impairment losses were recognized in the period.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">IFRS 15 requires disclosure of the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period and an explanation of when an entity expects to recognize these amounts as revenue. We have applied the practical expedient related to performance obligations with reference to IFRS 15:121(a), as the original expected duration of the underlying contract is one year or less. Consequently, no disclosure is presented in the notes to the consolidated financial statements.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">According to IFRS 15:114 an entity shall disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. DHT's business is to operate a fleet of crude oil tankers and management has organized the entity as one segment based upon on the service provided. Consequently, the Company does not disaggregate revenue recognized from contracts with customers.</div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-18</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">(b) New and revised IFRSs that are not mandatorily effective (but allow early application) for the year ending December 31, 2018.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company has not applied the following new and revised IFRSs that have been issued but are not yet effective:</div> <div><br /> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr style="height:12px;"> <td style="width:18pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">○</div> </td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;">IFRS 16 Leases</div> </td> </tr> </table> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">○</div> </td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;">Amendments to IFRS 9 Prepayment Features with Negative Compensation</div> </td> </tr> </table> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">○</div> </td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;">Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures</div> </td> </tr> </table> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">○</div> </td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;">Annual Improvements to IFRS Standards 2015-2017 Cycle, Amendments to IFRS 3 Business Combinations, IFRS 11 Joint Arrangements, IAS 12 Income Taxes and IAS 23 Borrowing Costs</div> </td> </tr> </table> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">○</div> </td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;">Amendments to IAS 19 Employee Benefits, Plan Amendment, Curtailments or Settlements</div> </td> </tr> </table> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">○</div> </td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;">IFRS 10 Consolidated Financial Statements and IAS 28 (amendments), Sale or Contribution of Assets between an Investor and its Associate or Joint Venture</div> </td> </tr> </table> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">○</div> </td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;">IFRIC 23 Uncertainty over Income Tax Treatments</div> </td> </tr> </table> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">IFRS 16 Leases</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">IFRS 16 <font style="font-family:'Times New Roman';font-size:10pt;font-style:italic;">Leases </font>introduces a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. IFRS 16 will supersede the current lease guidance, including IAS 17 Leases and the related interpretations when it becomes effective. The Company will adopt the standard on January 1, 2019 by using the modified retrospective method.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">IFRS 16 distinguishes leases and service contracts on the basis of whether an identified asset is controlled by a customer. Distinctions of operating leases (off balance sheet) and finance leases (on balance sheet) are removed for lessee accounting, and is replaced by a model where a right-of-use asset and a corresponding liability have to be recognized for all leases by lessees (i.e., all on balance sheet) except for short-term leases and leases of low-value assets.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The right-of-use asset is initially measured at cost and subsequently measured at cost (subject to certain exceptions) less accumulated depreciation and impairment losses, adjusted for any remeasurement of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at that date. Subsequently, the lease liability is adjusted for interest and lease payments, as well as the impact of lease modifications, amongst others. Furthermore, the classification of cash flows will also be affected as operating lease payments under IAS 17 are presented as operating cash flows; whereas under the IFRS 16 model, the lease payments will be split into a principal and an interest portion which will be presented as financing and operating cash flows, respectively.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In contrast to lessee accounting, IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17, and continues to require a lessor to classify a lease either as an operating lease or a finance lease. As at December 31, 2018, the Company does not have any bareboat charters or pool arrangements. Voyage charters are not likely to meet the new definition, as the charterer typically does not have the right to direct the use of the vessel and similarly, contracts of affreightment are unlikely to meet the definition of a lease, since they are contracts for the provision of a service rather than the use of an identified asset. The implementation of IFRS 16 will not have a material impact on the Company's consolidated financial statements. The Company will recognize a lease liability and a corresponding lease asset of $1.5 million related to the two office rental contracts in Singapore and Norway that fall within the definition of a lease in accordance with IFRS 16. There will be no transition effect on the opening balance of equity.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Amendments to IFRS 9 Prepayment Features with Negative Compensation</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The amendments to IFRS 9 clarify that for the purpose of assessing whether a prepayment feature meets the SPPI condition, the party exercising the option may pay or receive reasonable compensation for the prepayment irrespective of the reason for prepayment. In other words, prepayment features with negative compensation do not automatically fail SPPI.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-19</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The amendment applies to annual periods beginning on or after January 1, 2019, with earlier application permitted. There are specific transition provisions depending on when the amendments are first applied, relative to the initial application of IFRS 9.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company does not anticipate that the application of the amendments in the future will have a significant impact on the Company's consolidated financial statements.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The amendment clarifies that IFRS 9, including its impairment requirements, applies to long‑term interests. Furthermore, in applying IFRS 9 to long‑term interests, an entity does not take into account adjustments to their carrying amount required by IAS 28 (i.e., adjustments to the carrying amount of long‑term interests arising from the allocation of losses of the investee or assessment of impairment in accordance with IAS 28).</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The amendments apply retrospectively to annual reporting periods beginning on or after January 1, 2019. Earlier application is permitted. Specific transition provisions apply depending on whether the first‑time application of the amendments coincides with that of IFRS 9.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company does not anticipate that the application of the amendments in the future will have a significant impact on the Company's consolidated financial statements.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Annual Improvements to IFRS Standards 2015-2017 Cycle Amendments to IFRS 3 Business Combinations, IFRS 11 Joint Arrangements, IAS 12 Income Taxes and IAS 23 Borrowing Costs</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Annual Improvements include amendments to four Standards.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">IAS Income Taxes</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The amendments clarify that an entity should recognise the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognised the transactions that generated the distributable profits. This is the case irrespective of whether different tax rates apply to distributed and undistributed profits.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">IAS 23 Borrowing Costs</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on general borrowings.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">IFRS 3 Business Combinations</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The amendments to IFRS 3 clarify that when an entity obtains control of a business that is a joint operation, the entity applies the requirements for a business combination achieved in stages, including remeasuring its previously</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">held interest (PHI) in the joint operation at fair value. The PHI to be remeasured includes any unrecognised assets, liabilities and goodwill relating to the joint operation. </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">IFRS 11 Joint Arrangements</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The amendments to IFRS 11 clarify that when a party that participates in, but does not have joint control of, a joint operation that is a business obtains joint control of such a joint operation, the entity does not remeasure its PHI in the joint operation.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">All the amendments are effective for annual periods beginning on or after January 1, 2019 and generally require prospective application. Earlier application is permitted.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company does not anticipate that the application of the annual improvements in the future will have a significant impact on the Company's consolidated financial statements.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-20</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Amendments to IAS 19 Employee Benefits Plan Amendment, Curtailment or Settlement</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The amendments clarify that the past service cost (or of the gain or loss on settlement) is calculated by measuring the defined benefit liability (asset) using updated assumptions and comparing benefits offered and plan assets before and after the plan amendment (or curtailment or settlement) but ignoring the effect of the asset ceiling (that may arise when the defined benefit plan is in a surplus position). IAS 19 is now clear that the change in the effect of the asset ceiling that may result from the plan amendment (or curtailment or settlement) is determined in a second</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">step and is recognised in the normal manner in other comprehensive income.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The paragraphs that relate to measuring the current service cost and the net interest on the net defined benefit liability (asset) have also been amended. An entity will now be required to use the updated assumptions from this remeasurement to determine current service cost and net interest for the remainder of the reporting period after the change to the plan. In the case of the net interest, the amendments make it clear that for the period post plan amendment, the net interest is calculated by multiplying the net defined benefit liability (asset) as remeasured under</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">IAS 19.99 with the discount rate used in the remeasurement (also taking into account the effect of contributions and benefit payments on the net defined benefit liability (asset)).</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The amendments are applied prospectively. They apply only to plan amendments, curtailments or settlements that occur on or after the beginning of the annual period in which the amendments to IAS 19 are first applied. The amendments to IAS 19 must be applied to annual periods beginning on or after January 1, 2019, but they can be applied earlier if an entity elects to do so.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company does not anticipate that the application of the amendments in the future will have a significant impact on the Company's consolidated financial statements.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">IFRS 10 Consolidated Financial Statements and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The amendments to IFRS 10 and IAS 28 deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. Specifically, the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction with an associate or a joint venture that is accounted for using the equity method, are recognised in the parent's profit or loss only to the extent of the unrelated investors' interests in that associate or joint venture. Similarly, gains and losses resulting from the</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">remeasurement of investments retained in any former subsidiary (that has become an associate or a joint venture that is accounted for using the equity method) to fair value are recognised in the former parent's profit or loss only to the extent of the unrelated investors' interests in the new associate or joint venture.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The effective date of the amendments has yet to be set by the IASB; however, earlier application of the amendments is permitted.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company does not anticipate that the application of the amendments in the future will have a significant impact on the Company's consolidated financial statements.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">IFRIC 23 Uncertainty over Income Tax Treatments</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">IFRIC 23 sets out how the accounting tax position when there is uncertainty over income tax treatments. The Interpretation requires an entity to:</div> <div><br /> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:36pt;">(i)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Determine whether uncertain tax positions are assessed separately or as a group; and</div> </td> </tr> </table> </div> <div><br /> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:36pt;">(ii)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings:</div> </td> </tr> </table> </div> <div><br /> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:54pt;"></td> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">-</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">If yes, the entity should determine its accounting tax position consistently with the tax treatment used or planned to be used in its income tax filings.</div> </td> </tr> </table> </div> <div><br />  </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-21</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div><br /> </div> <div style="text-align:left;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:54pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">-</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">If no, the entity should reflect the effect of uncertainty in determining its accounting tax position.</div> </td> </tr> </table> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Interpretation is effective for annual periods beginning on or after January 1, 2019. Entities can apply the Interpretation with either full retrospective application or modified retrospective application without restatement of comparative retrospectively or prospectively.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company does not anticipate that the application of IFRIC 23 will have a significant impact on the Company's consolidated financial statements.</div> <div><br /> </div> <div><br /> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Note 3 - Segment information</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Operating Segments:</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Since DHT's business is limited to operating a fleet of crude oil tankers, management has organized and manages the entity as one segment based upon the service provided.  The Company's chief operating decision maker (“CODM”), being the Chief Executive Officers, reviews the Company's operating results on a consolidated basis as one operating segment as defined in IFRS 8, <font style="font-family:'Times New Roman';font-size:10pt;font-style:italic;">Operating Segments</font>.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Entity-wide disclosures:</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Information about major customers:</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">As of December 31, 2018, the Company had 27 vessels in operation of which five were on time charters and 22 were vessels operating in the spot market.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">For the period from January 1, 2018 to December 31, 2018, five customers represented $76,015 thousand, $38,408 thousand, $19,269 thousand, 18,692 thousand and $18,679 thousand, respectively, of the Company's revenues.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">For the period from January 1, 2017 to December 31, 2017, five customers represented $48,192 thousand, $39,488 thousand, $36,109 thousand, $32,252 thousand and $18,855 thousand, respectively, of the Company's revenues.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">For the period from January 1, 2016 to December 31, 2016, five customers represented $69,521 thousand, $39,471 thousand, $35,209 thousand, $30,422 thousand and $25,685 thousand, respectively, of the Company's revenues.</div> <div><br /> </div> <div><br /> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Note 4 - Charter arrangements</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The below table details the Company's shipping revenues:<br /> </div> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr style="height:13px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Time charter revenues*</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">64,462</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">100,310</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">118,997</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Voyage charter revenues**</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">311,480</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">254,742</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">234,646</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Other shipping revenues</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2,366</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Shipping revenues</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">375,941</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">355,052</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">356,010</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> *Revenue in accordance with IAS 17 <font style="font-family:'Times New Roman';font-size:10pt;font-style:italic;">Leases</font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">**2018 revenue is presented in accordance with IFRS 15 <font style="font-family:'Times New Roman';font-size:10pt;font-style:italic;">Revenue from Contracts with Customers.<font style="font-style:normal;">  The comparative information has not been restated.</font></font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-22</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The following summarizes the Company's vessel employment as of December 31, 2018:</div> <div><br /> </div> <table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;width:70%;"> <tr style="height:16px;"> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Vessel</div> </td> <td style="padding-bottom:2px;vertical-align:top;width:2.04%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:19.96%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Type of</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Employment</div> </td> <td style="padding-bottom:2px;vertical-align:top;width:2.04%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Expiry</div> </td> </tr> <tr style="height:16px;"> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">VLCC</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;">  </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Amazon</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td colspan="2" style="background-color:#ffffff;vertical-align:top;width:38.07%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Time charter with profit sharing</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:center;">Q4 2021</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Bauhinia</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:16px;"> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Bronco</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT China</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Time charter with profit sharing</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:center;">Q2 2021</div> </td> </tr> <tr style="height:16px;"> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Colt</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td colspan="2" style="background-color:#ffffff;vertical-align:top;width:38.07%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:12px;"> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Condor</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Edelweiss</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Time charter with profit sharing</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:center;">Q1 2019</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Europe</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Time charter with profit sharing</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:center;">Q1 2022</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Falcon</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:18px;"> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Hawk</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:13px;"> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Jaguar</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Lake</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:13px;"> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Leopard</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Lion</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Lotus</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Time charter with profit sharing</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:center;">Q1 2019</div> </td> </tr> <tr style="height:12px;"> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Mustang</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Opal</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:13px;"> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Panther</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:16px;"> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Peony</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Puma</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:14px;"> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Raven</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Redwood</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Scandinavia</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Stallion</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Sundarbans</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Taiga</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Tiger</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> </table> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Future charter payments:</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The future revenues expected to be received from the time charters (not including any potential profit sharing) for the Company's vessels on existing charters as of the reporting date are as follows:<br /> </div> <div><br /> </div> <table align="left" border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:50%;"> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollar in thousands)</div> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;padding-bottom:2px;vertical-align:top;"> <div style="text-align:left;"><u>Year</u></div> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Amount</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:88%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">2019</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">34,044</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:11px;"> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:88%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">2020</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">36,837</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:88%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">2021</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">26,293</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:88%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">2022</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">154</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:88%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">2023</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:88%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Thereafter</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:88%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net charter payments:</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">97,327</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div style="clear:both;"> </div> <div><br />  </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-23</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Any extension periods, unless already exercised as of December 31, 2018, are not included.  Revenues from a time charter are not received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel.  In arriving at the minimum future charter revenues, an estimated time for off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Contract balances:</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Contract balances and related disclosures have been included in the following places in the notes to the Company's consolidated financial statements:</div> <div><br /> </div> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;width:50%;"> <tr> <td style="padding-bottom:2px;vertical-align:top;width:85%;"> </td> <td style="padding-bottom:2px;vertical-align:top;width:1%;"> </td> <td style="padding-bottom:2px;vertical-align:top;width:1%;"> </td> <td style="padding-bottom:2px;vertical-align:top;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:12%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Note</div> </td> </tr> <tr style="height:12px;"> <td colspan="3" style="background-color:#cceeff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts receivable and accrued revenues</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:12%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">note 8,9</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:85%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Capitalized voyage expense</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:12%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">note 2</div> </td> </tr> </table> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Deferred Shipping Revenues:</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Deferred shipping revenues relates to next month charter hire payment paid in advance. No deferred shipping revenues were included as of December 31, 2018 or as of December 31, 2017.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Concentration of risk:</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">As of December 31, 2018, five of the Company's 27 vessels were chartered to four different counterparties and 22 vessels were operated in the spot market. As of December 31, 2017, six of the Company's 26 vessels were chartered to four different counterparties and 20 vessels were operated in the spot market. As of December 31, 2016, nine of the Company's 21 vessels were chartered to five different counterparties and 12 vessels were operated in the spot market.  The Company believes that the concentration of risk is limited and can be adequately monitored.</div> <div><br /> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Note 5 - Earnings per share (“EPS”)</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted shares using the treasury stock method.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">For the year ended December 31, 2017, the Company had an increase in earnings per share resulting from the assumption that convertible instruments are converted, thus any effect of common stock equivalents outstanding would be antidilutive. Antidilutive potential common shares are disregarded in the calculation of diluted EPS. The following potential ordinary shares are antidilutive and therefore excluded from the weighted average number of ordinary shares for the purpose of diluted earnings per shares: convertible instruments: 17,282,925 shares.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The components of the calculation of basic EPS and diluted EPS are as follows:</div> <div><br /> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/loss for the period used for calculation of EPS - basic</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(46,927</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6,602</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">9,260</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:12px;"> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/loss for the period used for calculation of EPS - dilutive</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(46,927</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6,602</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">9,260</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:70%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;"><u>Basic earnings per share:</u></font></div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Weighted average shares outstanding - basic</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">143,429,610</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">124,536,338</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">93,382,757</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:70%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"><font style="background-color:#cceeff;color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;"><u>Diluted earnings per share:</u></font></div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Weighted average shares outstanding - basic</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">143,929,610</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">124,536,338</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">93,382,757</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Dilutive equity awards</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">5,311</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6,853</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Weighted average shares outstanding - dilutive</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">143,434,921</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">124,536,338</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">93,389,610</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><br /> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-24</font></div> <div style="page-break-after:always;"> </div> </div> <div><br /> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Note 6 - Vessels and subsidiaries</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Vessels are owned by companies incorporated in the Marshall Islands or Cayman Islands.  The Vessel Subsidiaries are wholly owned directly by the Company. The primary activity of each of the Vessel Subsidiaries is the ownership and operation of a Vessel.  In addition, the Company has a vessel chartering subsidiary and two subsidiaries, DHT Management AS (Norway) and DHT Ship Management (Singapore) Pte. Ltd., which perform management services for DHT and its subsidiaries.  The following table sets out the details of the Vessel Subsidiaries included in these consolidated financial statements:</div> <div><br /> </div> <table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;width:80%;"> <tr style="height:14px;"> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Company</div> </td> <td style="padding-bottom:2px;vertical-align:top;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Vessel name</div> </td> <td style="padding-bottom:2px;vertical-align:top;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Dwt</div> </td> <td style="padding-bottom:2px;text-align:center;vertical-align:top;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Flag State</div> </td> <td style="padding-bottom:2px;text-align:center;vertical-align:top;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Year Built</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Mustang Inc</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Mustang</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">317,975</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2018</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Bronco Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Bronco</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">317,975</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2018</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Colt Inc</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Colt</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">319,713</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2018</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Stallion Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Stallion</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">319,713</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2018</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Tiger Limited</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Tiger</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,629</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2017</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Puma Limited</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Puma</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,629</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2016</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Panther Limited</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Panther</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,629</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2016</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Lion Limited</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Lion</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,629</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2016</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Leopard Limited</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Leopard</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,629</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2016</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Jaguar Limited</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Jaguar</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,629</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2015</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Opal Inc</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Opal</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">320,105</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2012</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Samco Theta Ltd</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Sundarbans</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">314,249</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2012</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Samco Iota Ltd</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Taiga</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">314,249</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2012</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Peony Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Peony</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">320,013</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2011</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Lotus Inc</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Lotus</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">320,142</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2011</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Samco Eta Ltd</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Amazon</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">314,249</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">RIF</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2011</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Samco Kappa Ltd</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Redwood</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">314,249</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2011</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Edelweiss Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Edelweiss</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">301,021</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2008</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Samco Epsilon Ltd</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT China</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">317,794</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">RIF</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2007</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Samco Delta Ltd</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Europe</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">317,713</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">RIF</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2007</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Bauhinia Inc</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Bauhinia</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">301,019</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2007</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Hawk Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Hawk</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">298,923</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2007</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Samco Gamma Ltd</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Scandinavia</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">317,826</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2006</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Falcon Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Falcon</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">298,971</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2006</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Lake Inc</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Lake</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">298,564</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2004</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Raven Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Raven</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">298,563</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2004</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Condor, Inc.</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Condor</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">320,050</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2004</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Eagle, Inc.</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Eagle **</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">309,064</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2002</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Utah, Inc</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Utah **</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,498</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2001</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Utik, Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Utik **</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,450</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2001</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Chris Tanker Corporation</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Chris ***</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">309,285</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2001</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Ann Tanker Corporation</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Ann ****</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">309,327</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2001</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Phoenix, Inc.</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Phoenix *****</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">307,151</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1999</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Cathy Tanker Corporation</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Cathy*</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">115,000</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Marshall Islands</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2004</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Sophie Tanker Corporation</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Sophie*</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">115,000</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Marshall Islands</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2003</div> </td> </tr> </table> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> * DHT Sophie and DHT Cathy were sold to one buyer in October 2018. Both vessels were delivered to buyer during fourth quarter 2018.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">** The DHT Eagle, DHT Utah and DHT Utik were sold to one buyer in November 2017. The DHT Eagle and DHT Utah were delivered to the buyer during the fourth quarter of 2017 and the DHT Utik was delivered to the buyer in January 2018.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">*** The DHT Chris was sold and delivered to new owners in January 2017.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">**** The DHT Ann was sold and delivered to new owners in May 2017.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">***** The DHT Phoenix was sold and delivered to new owners in June 2017.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-25</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Vessels and time charter contracts</div> <div style="text-align:center;"><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Vessels</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Drydock</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Scrubbers</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Time charter</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">contracts</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Total</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cost</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of January 1, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,767,117</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">36,441</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,600</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,810,158</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:16px;"> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Additions</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">113</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">7,695</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">7,566</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">15,373</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred from vessels under construction</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">325,004</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,800</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">5,086</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">336,890</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred to asset held for sale</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Disposals</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(84,848</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(6,117</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(90,965</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2018</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,007,385</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">44,818</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">12,652</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,600</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,071,456</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Accumulated depreciation and impairment</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of January 1, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(359,066</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,731</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,215</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(366,013</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Charge for the period</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(91,551</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(10,342</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(388</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(978</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(103,259</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Impairment charges</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,500</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,500</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred to asset held for sale</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Disposals</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">62,224</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,902</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">67,125</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:12px;"> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2018</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(391,894</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(9,171</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(388</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(4,193</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(405,647</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net book value</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:4px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,615,492</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">35,647</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">12,264</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,407</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,665,810</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cost</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of January 1, 2017</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,534,496</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">27,632</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,600</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,568,729</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Additions</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">366,064</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">24,406</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">390,471</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred from vessels under construction</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">91,264</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,700</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">92,964</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred to asset held for sale</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(21,585</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(1,736</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(23,321</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Disposals</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(203,123</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(15,562</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(218,684</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,767,117</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">36,441</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,600</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,810,158</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Accumulated depreciation and impairment</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of January 1, 2017</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(384,520</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(4,451</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(2,237</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(391,209</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Charge for the period</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(84,893</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(10,497</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(978</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(96,367</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Impairment charges</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(8,540</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(8,540</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred to asset held for sale</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,014</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">556</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,570</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Disposals</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">116,873</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">10,661</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">127,534</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(359,066</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,731</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,215</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(366,013</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net book value</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:4px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2017</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,408,051</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">32,710</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,385</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,444,146</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Vessels under construction</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cost</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of January 1, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">114,759</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">114,759</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Additions</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">222,131</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">222,131</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred to vessels</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(336,890</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(336,890</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2018</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cost</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of January 1, 2017</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">43,638</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">43,638</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Additions</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">164,085</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">164,085</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred to vessels</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(92,964</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(92,964</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">114,759</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">114,759</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In March 2017, the Company acquired 11 VLCCs, including two newbuildings which were delivered in 2018.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-26</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;">Vessels under construction</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">On October 8, 2018, the Company took delivery of DHT Mustang, the last of its two VLCC newbuildings from HHI. The Company has no further vessels under construction and the cost of vessels under construction has been transferred to vessels for each of the four newbuildings delivered during 2018.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Depreciation</div> <div><br /> </div> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="color:#000000;font-family:'Times New Roman';font-size:10pt;">We have assumed an estimated useful life of 20 years for our vessels.  Depreciation is calculated taking residual value into consideration.  Each vessel's residual value is equal to the product of its lightweight tonnage and an estimated scrap rate per ton.  Estimated scrap rate used as a basis for depreciation is $300 per ton.  Capitalized drydocking costs are depreciated on a straight-line basis from the completion of a drydocking to the estimated completion of the next drydocking. Capitalized scrubber costs are depreciated on a straight-line basis from the time of installation through the accounting year 2022, </font>reflecting the period they are expected to be of use providing economical values.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Impairment</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">A vessel's recoverable amount is the higher of the vessel's fair value less cost of disposal and its value in use.  The carrying values of our vessels may not represent their fair market value at any point in time since the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the cost of constructing new vessels.  Historically, both charter rates and vessel values have been cyclical.  The carrying amounts of vessels held and used by us are reviewed for potential impairment or reversal of prior impairment charges whenever events or changes in circumstances indicate that the carrying amount of a particular vessel may not accurately reflect the recoverable amount of a particular vessel.  Each of the Company's vessels have been viewed as a separate Cash Generating Unit (CGU) as the vessels have cash inflows that are largely independent of the cash inflows from other assets and therefore can be subject to a value in use analysis.  In assessing “value in use,” the estimated future cash flows are discounted to their present value. In developing estimates of future cash flows, we must make significant assumptions about future charter rates, future use of vessels, ship operating expenses, drydocking expenditures, utilization rate, fixed commercial and technical management fees, residual value of vessels, the estimated remaining useful lives of the vessels and the discount rate.  These assumptions are based on current market conditions, historical trends as well as future expectations.  Estimated outflows for ship operating expenses and drydocking expenditures are based on a combination of historical and budgeted costs and are adjusted for assumed inflation.  Utilization, including estimated off-hire time, is based on historical experience.  Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subjective.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In the third quarter of 2018, we recorded an impairment charge of $3.5 million related to the sale of DHT Cathy and DHT Sophie which was agreed to be sold. The impairment charge reflected the difference between the carrying value of the vessels and the estimated net sales price. The vessels were delivered to the buyer in December 2018. As per December 31, 2018 no impairment test was performed as no indicators were found.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In the fourth quarter of 2017, we adjusted the carrying value of our fleet through a non-cash impairment charge totaling $7.9 million and a reversal of prior impairment totaling $7.4 million. The impairment test was performed on each individual vessel using an estimated weighted average cost of capital, or “WACC,” of 8.57%. <font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">As DHT operates in a non-taxable environment, the WACC is the same on a before- and after-tax basis. </font>The rates used for the impairment testing are as follows: (a) the current Freight Forwards Agreements (“FFA”) for the first two years and (b) the 25-year historical average spot earnings as reported by Clarksons Shipping Intelligence thereafter. The time charter equivalent FFA rates used for the impairment test as of December 31, 2017 for the VLCCs was $15,154 per day for the first year and $21,349 per day for the second year.  Thereafter, the time charter equivalent rate used for the VLCCs was $40,347.  The time charter equivalent FFA rates used for the impairment test as of December 31, 2017 for the Aframaxes was $1,368 per day for the first year and $6,363 per day for the second year.  Thereafter, the time charter equivalent rates used for the Aframaxes was $24,705 per day.  The above rates are reduced by 20% for vessels above the age of 15 years. Also, reflecting the lower fuel consumption for modern vessels, $4,000 per day has been added through 2025 for VLCCs built 2015 and later and $1,400 per day has been added through 2021 for VLCCs built between 2011 and 2014. For vessels on charter we assumed the contractual rate for the remaining term of the charter.  If the estimated WACC had been 1% higher, the impairment charge would have been $55.8 million. If the estimated future net cash flows after the expiry of fixed charter periods had been 10% lower, the impairment charge would have been $104.5 million. Had we used the one-, five-, and ten-year historical average for the average spot rate from year three for the expected life of the vessels, the impairment charge would have been $166.4 million, $124.8 million and $85.5 million, respectively. Also, had we used the three-year historical average for the average spot rate from year three for the expected life of the vessels, the reversal of prior impairment charge would have been $17.1 million.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-27</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">In the first quarter of 2017, we recorded an impairment charge of $7.5 million related to the sale of DHT Ann and DHT Phoenix which was agreed to be sold. The impairment charge reflected the difference between the carrying value of the vessel and the estimated net sales price. The vessels were delivered to the buyers in May 2017 and June 2017, respectively.</font></div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In the third quarter of 2016, we adjusted the carrying value of our fleet through a non-cash impairment charge totaling $76.6 million due to the decline in values for second-hand tankers. The impairment test was performed on each individual vessel using an estimated weighted average cost of capital, or “WACC,” of 8.26%. <font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">As DHT operates in a non-taxable environment, the WACC is the same on a before- and after-tax basis. </font>The rates used for the impairment testing are as follows: (a) the estimated current one-year time charter rate for the first three years and (b) the 10-year historical average one-year time charter rate thereafter with both (a) and (b) reduced by 20% for vessels above the age of 15 years. The time charter equivalent rates used for the impairment test as of September 30, 2016 for the first three years were $31,000 per day and $16,000 per day (being the current one-year time charter rate estimated by brokers), for VLCC and Aframax, respectively, and reduced by 20% for vessels above the age of 15 years.  Thereafter, the time charter equivalent rates used were $39,409 per day and $22,014 per day (being the 10-year historical average one-year time charter rate), for VLCC and Aframax, respectively and reduced by 20% for vessels above the age of 15 years.  For vessels on charter we assumed the contractual rate for the remaining term of the charter.  If the estimated WACC had been 1% higher, the impairment charge would have been $136,300 thousand. If the estimated future net cash flows after the expiry of fixed charter periods had been 10% lower, the impairment charge would have been $178,900 thousand. Also, had we used the one-, three-, five-, and ten-year historical average for the one-year time charter rates for the expected life of the vessels reduced by 20% (those vessels being above the age of 15 years), the impairment charge would have been $7,600 thousand, $70,400 thousand, $200,800 thousand and $20,800 thousand, respectively.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">In the first quarter of 2016, we recorded an impairment charge of $8.1 million related to the DHT Target which was agreed to be sold.  The impairment charge </font>reflected the difference between the carrying value of the vessel and the estimated net sales price. The vessel was delivered to the buyers in May 2016.</div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Intangible assets</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Time charter contracts:</div> <div><br /> </div> <table align="center" border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:70%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:46%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:28%;">  </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Carrying amount</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Carrying amount</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:18px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:46%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td style="border-bottom:#000000 2px solid;vertical-align:bottom;white-space:nowrap;width:28%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Expected useful life</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:14px;"> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:46%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT China charter</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:28%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:center;">Finite</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,407</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,385</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:46%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:28%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">2,407</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">3,385</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Intangible assets with a finite expected useful life are as a general rule amortized on a straight-line basis over the expected useful life.  The amortization period of the intangible assets are 2.5 years.  Time charter contracts are presented on the same line as vessels in the statement of financial position.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Pledged assets</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">All of the Company's vessels have been pledged as collateral under the Company's secured credit facilities.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-28</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div style="font-style:italic;">Technical Management Agreements</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company has entered into agreements with technical managers which are responsible for the technical operation and upkeep of the vessels, including crewing, maintenance, repairs and dry-dockings, maintaining required vetting approvals and relevant inspections, and to ensure DHT's fleet complies with the requirements of classification societies as well as relevant governments, flag states, environmental and other regulations.  Under the ship management agreements, each vessel subsidiary pays the actual cost associated with the technical management and an annual management fee for the relevant vessel.<br /> </div> <div><br /> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Note 7 - Accounts payable and accrued expenses</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payable and accrued expenses consist of the following:</div> <div><br /> </div> <table align="center" border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:60%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payable</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">10,885</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">8,883</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accrued interest</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">5,460</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">3,026</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accrued voyage expenses</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">3,237</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2,274</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accrued employee compensation</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">3,043</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2,566</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Other*</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6,009</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">679</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total accounts payable and accrued expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">28,634</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">17,427</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> *Other includes accrued OPEX and accrued CAPEX in 2018.</div> <div><br /> </div> <div><br /> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Note 8 - Financial instruments</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Categories of financial instruments</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table align="center" border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:60%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="6" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Carrying amount   </div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Financial assets</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Cash and cash equivalents (1)(3)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">94,944</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">77,292</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:12px;"> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts receivable and accrued revenues (1)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">60,196</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">42,212</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">155,140</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">119,504</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Financial liabilities</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payables and accrued expenses (1)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">28,634</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">17,427</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Derivative financial liabilities, current (2)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,250</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">545</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Current portion long-term debt (1)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">93,815</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">65,053</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Long-term debt (1)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">873,460</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">721,151</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Derivative financial liabilities, non-current (2)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">4,486</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total financial liabilities</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,001,645</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">804,177</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">  </font></div> <div style="text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">(1)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Amortized cost.</div> </td> </tr> </table> </div> <div style="text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">(2)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Fair value through profit or loss.</div> </td> </tr> </table> </div> <div style="text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">(3)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Cash and cash equivalents include $638 thousand in restricted cash in 2018 and $322 thousand in 2017, including employee withholding tax.</div> </td> </tr> </table> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">  </font></div> <div style="text-align:center;"><font style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-29</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Fair value of non-derivative financial instruments</font></div> <div style="font-style:normal;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">It is assumed that fair value of <font style="font-family:'Times New Roman';font-size:10pt;">non-derivative </font>financial instruments is equal to the nominal amount for all financial assets and liabilities.  With regards to trade receivables, the credit risk is not viewed as significant.  With regards to the credit facilities, these are floating rate with terms and conditions considered to be according to market terms and no material change in credit risk; consequently, it is assumed that carrying value has no material deviation from fair value.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> Measurement of fair value</font></div> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">It is only derivatives that are classified within a fair value measurement category and recognized at fair value in the statement of financial position.  Fair value measurement is based on Level 2 in the fair value hierarchy as defined in IFRS 13 <font style="font-family:'Times New Roman';font-size:10pt;font-style:italic;">Fair Value Measurement</font>.  Such measurement is based on techniques for which all inputs that have a significant effect on the recorded fair value are observable.  Future cash flows are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Derivatives - interest rate swaps</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr style="height:20px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:42%;"> </td> <td valign="bottom" style="padding-bottom:2px;text-align:right;vertical-align:bottom;width:10%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="6" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Notional amount</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="6" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Fair value</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Expires</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 3.315%, receive floating</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">Jun. 29, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">19,396</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">156</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 3.565%, receive floating</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Jun. 29, 2018</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">20,417</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">187</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 2.865%, receive floating</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Jun. 29, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">35,729</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">202</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 2.987%, receive floating</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Apr. 20, 2023</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">46,800</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">699</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 3.012%, receive floating</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Apr. 20, 2023</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">46,800</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">743</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 3.019%, receive floating</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Sept. 29, 2023</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">35,877</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">580</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 3.019%, receive floating</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Sept. 29, 2023</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">34,963</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">563</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 2.8715%, receive floating</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Jul. 24, 2023</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">51,400</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">606</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 2.8785%, receive floating</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Jun. 30, 2023</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">45,807</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">503</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 2.895%, receive floating</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Sept. 29, 2023</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">50,115</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">653</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 2.897%, receive floating</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Sept. 30, 2023</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">45,986</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">597</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 3.020%, receive floating</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Sept. 29, 2023</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">44,301</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">793</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total carrying amount</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">402,049</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">75,542</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">5,736</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">545</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Interest-bearing debt</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Remaining</div> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="6" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Carrying amount</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Interest</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">notional</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Nordea Samco Credit Facility</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.50</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;">% </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">217,921</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Credit Agricole Credit Facility</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.19</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;">% </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">62,717</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">62,166</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">68,591</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Danish Ship Finance Credit Facility</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.25</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;">% </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">41,600</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">41,437</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">43,937</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Nordea/DNB Credit Facility</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.25</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;">% </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">44,647</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Nordea/DNB Credit Facility</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.75</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;">% </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">9,884</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">ABN Amro Credit Facility</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.60</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;">% </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">119,844</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Nordea BW VLCC Acquisition Credit Facility</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.40</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;">%</td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">258,483</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">254,870</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">183,119</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">ABN Amro Credit Facility</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.40</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;">% </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">469,639</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">464,826</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Convertible Senior Notes due 2019</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4.50</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">32,860</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">32,009</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">98,262</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Convertible Senior Notes due 2021</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4.50</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">125,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">111,968</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total carrying amount</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">990,299</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">967,275</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">786,204</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Interest on all our credit facilities is payable quarterly in arrears except the Danish Ship Finance Credit Facility and the Convertible Notes which have interest payable semi-annual in arrears.  The credit facilities are principally secured by the first-priority mortgages on the vessels financed by the credit facility, assignments of earnings, pledge of shares in the borrower, insurances and the borrowers' rights under charters for the vessels, if any, as well as a pledge of the borrowers' bank account balances.</font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">  </font></div> <div style="text-align:center;"><font style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-30</font></div> <div style="page-break-after:always;"> </div> <div><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Reconciliation of liabilities arising from financing activities</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">The table below details changes in liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Company's consolidated statement of cash flows as cash flows from financing activities.</font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="10" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Non-cash changes</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">As of</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">January 1</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Financing cash</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">flows (1)</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Fair value</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">changes (2)</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Repurchase</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">convertible</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">notes</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Amortization</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Equity</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">component of</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">convertible notes</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Other</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">changes (3)</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">As of</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">December 31</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Bank loans</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">687,942</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">129,400</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,826</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">(869</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">823,299</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;white-space:nowrap;width:20%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Convertible Senior Notes due 2019</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">98,262</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(74,644</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,188</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,613</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,589</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">32,009</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:20%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Convertible Senior Notes due 2021</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">38,945</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">74,644</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,545</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,165</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">111,968</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:20%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total (4)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">786,204</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">168,345</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">11,559</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(1,553</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">2,720</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">967,275</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:20%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:20%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">2017</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:20%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Bank loans</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">591,579</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">93,157</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;">-</td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,206</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">687,942</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:20%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Convertible Senior Notes due 2019</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">109,916</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(17,104</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,170</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,213</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(932</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">98,262</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:11px;"> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:20%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total (4)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">701,495</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">93,157</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(17,104</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">7,375</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">2,213</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(932</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">786,204</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div style="text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">(1)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;">The cash flows from bank loans make up the net amount of issuance of long-term debt and repayment of long-term debt in the statement of cash flows. In 2018 the cash flows from the transaction related to the exchange of convertible senior notes due 2019 of $38.9 million consists of $41.6 million cash received upon issue, less transaction costs of $2.7 million.</div> </td> </tr> </table> </div> <div style="text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">(2)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;">Fair value changes reflects the loss arising from the exchange of the convertible senior notes due 2019 to convertible senior notes due 2021 below market fair value.</div> </td> </tr> </table> </div> <div style="text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">(3)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;">Other changes represents the (gain)/loss on extinguishment of debt, including previously capitalized fees.</div> </td> </tr> </table> </div> <div style="text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">(4)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;">The reconciliation does not include interest rate swaps, which are described in note 8.</div> </td> </tr> </table> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Note 9 - Financial risk management, objectives and policies</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Financial risk management</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company's principal financial liabilities consist of long-term debt, and, when applicable, current portion of long-term debt and derivatives.  The main purpose of these financial liabilities is to finance the Company's operations.  The Company's financial assets mainly comprise cash.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company is exposed to market risk, credit risk and liquidity risk.  The Company's senior management oversees the management of these risks.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Market risk</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.  Market prices comprise four types of risk: interest rate risk, currency risk, commodity price risk and other price risk.  Financial instruments affected by market risk are debt, deposits and derivative financial instruments.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;font-weight:bold;text-align:left;">a) Interest rate risk</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.  The Company's exposure to the risk of changes in interest rates relates primarily to the Company's long-term debt with floating interest rates.  To manage this risk, the Company has at times entered into interest rate swaps in which the Company agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount.  As of December 31, 2018, the Company had nine interest rate swaps with a total aggregate notional amount of $402,049 thousand as discussed in Note 8.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-32</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br />  </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"><u>Interest rate risk sensitivity</u></div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and floating rate long-term debt.  For floating rate long-term debt, the analysis is prepared assuming the amount of liability outstanding at the reporting date was outstanding for the whole year.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">2018: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company's:</div> <div style="text-align:left;"><br /> </div> <div style="text-align:justify;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:27pt;">●</td> <td style="text-align:justify;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">loss for the year ended December 31, 2018 would decrease/increase by $2,152 thousand</div> </td> </tr> </table> </div> <div style="text-align:justify;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:27pt;">●</td> <td style="text-align:justify;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">other comprehensive income would not be affected.</div> </td> </tr> </table> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">2017: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company's:</div> <div><br /> </div> <div style="text-align:justify;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:27pt;">●</td> <td style="text-align:justify;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">profit for the year ended December 31, 2017 would decrease/increase by $3,099 thousand</div> </td> </tr> </table> </div> <div style="text-align:justify;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:27pt;">●</td> <td style="text-align:justify;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">other comprehensive income would not be affected.</div> </td> </tr> </table> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">2016: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company's:</div> <div><br /> </div> <div style="text-align:justify;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:27pt;">●</td> <td style="text-align:justify;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">profit for the year ended December 31, 2016 would decrease/increase by $2,355 thousand</div> </td> </tr> </table> </div> <div style="text-align:justify;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:27pt;">●</td> <td style="text-align:justify;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">other comprehensive income would not be affected.</div> </td> </tr> </table> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;font-weight:bold;text-align:left;">b) Foreign currency risk</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.  The Company has only immaterial currency risk since all revenue and major expenses, including all vessel expenses and financial expenses, are in US dollars. Consequently, no sensitivity analysis is prepared.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Credit risk</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Company.  The Company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities, including deposits with banks and financial institutions.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Credit risks related to receivables</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">During 2018, The Company's vessels were either trading in the spot market or on short to medium term time charters to different counterparties. As of December 31, 2018, five of the Company's 27 vessels are chartered to four different counterparties and 22 vessels are operated in the spot market.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">During 2017, the Company's vessels were either trading in the spot market or on short to medium term time charters to different counterparties. As of December 31, 2017, six of the Company's 26 vessels are chartered to four different counterparties and 20 vessels are operated in the spot market.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">During 2016, the Company's vessels were either trading in the spot market or on short to medium term time charters to different counterparties.  As of December 31, 2016, nine of the Company's 21 vessels are chartered to five different counterparties and 12 vessels are operated in the spot market.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">See Note 5 for further details on employment of the Company's vessels.  Time charter hire is paid to DHT monthly in advance.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-33</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Credit risk related to cash and cash equivalents and accounts receivables</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company seeks to diversify credit risks on cash by holding the majority of the cash in four financial institutions, namely, DNB, Nordea, Credit Agricole and ABN Amro.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">As of December 31, 2018, five customers represented $9,401 thousand, $5,795 thousand, $5,628 thousand, $4,831 thousand and $4,689 thousand, respectively, of the Company's accounts receivables.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The carrying amount of financial assets represents the maximum credit exposure.  The maximum exposure to credit risk at the reporting dates was:</div> <div><br /> </div> <div><br /> </div> <table align="center" border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:60%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:74%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:74%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Cash and cash equivalents</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">94,944</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">77,292</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:74%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts receivable and accrued revenues</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">60,196</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">42,212</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:74%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Maximum credit exposure</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">155,140</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">119,504</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><br /> </div> <div> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-34</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Liquidity risk</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company manages its risk of a shortage of funds by continuously monitoring maturity of financial assets and liabilities, and projected cash flows from operations such as charter hire, voyage revenues and vessel operating expenses.  Certain of our credit agreements contain financial covenants requiring that at all times the borrowings under the credit facilities plus the actual or notional cost of terminating any of their interest rates swaps not exceed a certain percentage of the charter-free market value of the vessels that secure each of the credit facilities.  Vessel values are volatile and a decline in vessel values could result in prepayments under the Company's credit facilities.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The following are contractual maturities of financial liabilities, including estimated interest payments on an undiscounted basis.  Swap payments are the net effect from paying fixed rate/ receive LIBOR.  The LIBOR interest spot rate at December 31, 2018 (and spot rate at December 31, 2017 for comparatives) is used as a basis for preparation.</div> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="font-weight:normal;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"> </div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2 to 5</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">More than</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr style="height:18px;"> <td valign="bottom" style="font-style:normal;padding-bottom:2px;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">1 year</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">years</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">5 years</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Total</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">As of December 31, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest bearing loans</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">146,574</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">723,031</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">307,692</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,177,298</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest rate swaps</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">593</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,832</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,424</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">147,167</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">724,863</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">307,692</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,179,722</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;width:52%;"> </td> <td valign="bottom" style="vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">As of December 31, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest bearing loans</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">91,232</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">636,059</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">130,148</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">857,439</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest rate swaps</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">550</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">550</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">91,782</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">636,059</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">130,148</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">857,989</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Capital management</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">A key objective in relation to capital management is to ensure that the Company maintains a strong capital structure in order to support its business.  The Company evaluates its capital structure in light of current and projected cash flow, the relative strength of the shipping markets, new business opportunities and the Company's financial commitments.  In order to maintain or adjust the capital structure, the Company may adjust or eliminate the amount of dividends paid to shareholders, issue new shares or sell assets to reduce debt.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company is within its financial covenants stipulated in its credit agreements.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">The Credit Agricole Credit Facility</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">On June 22, 2015, we entered into the Credit Agricole Credit Facility with Credit Agricole to refinance the outstanding amount under a credit agreement with Credit Agricole that financed the DHT Scandinavia (“Tranche A”) as well as a financing commitment of up to $50 million to fund the acquisition of one VLCC from HHI (“Tranche B”).  The Credit Agricole Credit Facility is between and among Credit Agricole, as lender, the Credit Agricole Borrowers, and DHT Holdings, Inc., as guarantor.  Samco Gamma Ltd. was permitted to borrow the full amount of Tranche A. In 2016, in advance of the delivery of the DHT Tiger from HHI on January 16, 2017, we borrowed $48.7 million under Tranche B.  Borrowings bear interest at a rate equal to LIBOR + 2.1875%.  Tranche A is repayable in 34 consecutive quarterly installments of $1.1 million from September 2015 to December 2023.  Subsequent to a voluntary prepayment of $5.0 million in June 2016, Tranche A is repayable with quarterly installments of $1.0 million each.  Tranche B is repayable in 28 quarterly installments of $0.7 million from March 2017 to December 2023 and a final payment of $29.7 million in December 2023.  The Credit Agricole Credit Facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the Credit Agricole Credit Facility be no less than 135% of borrowings.  Also, DHT covenants that, throughout the term of the Credit Agricole Credit Facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $200 million, the value adjusted tangible net worth shall be at least 25% of the value adjusted total assets, unencumbered consolidated cash shall be at least the higher of (i) $20 million and (ii) 6% of our gross interest-bearing debt and DHT, on a consolidated basis shall have working capital greater than zero.  “Value adjusted” is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company's vessels (as determined quarterly by an approved broker).  The Credit Agricole Credit Facility is secured by, among other things, a first-priority mortgage on the DHT Scandinavia and the DHT Tiger, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of the Borrowers' bank accounts and a first-priority pledge over the shares in the Borrowers.  The Credit Agricole Credit Facility contains covenants that prohibit the Borrowers from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of their assets to another person.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-35</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">The Nordea Samco Credit Facility</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In December 2014, we entered into a credit facility in the amount of $302,000 thousand with Nordea, DNB and DVB as lenders, and DHT Holdings, Inc. as guarantor for the re-financing of the DHT Europe, DHT China, DHT Amazon, DHT Redwood, DHT Sundarbans and DHT Taiga as well as the financing of the DHT Condor (the “Nordea Samco Credit Facility”).  Borrowings would bear interest at a rate equal to LIBOR + 2.50% and was repayable in 20 quarterly installments of $5.1 million from March 2015 to December 2019 and a final payment of $199.8 million in December 2019.  The Nordea Samco Credit Facility was secured by, among other things, a first-priority mortgage on the vessels financed by the Nordea Samco Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of each of the borrower's bank accounts and a first-priority pledge over the shares in each of the borrowers.  The Nordea Samco Credit Facility contained covenants that prohibited the borrowers from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of their assets to another person.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Nordea Samco Credit Facility contained a covenant requiring that at all times the charter-free market value of the vessels that secured the Nordea Samco Credit Facility be no less than 135% of borrowings.  Also, on a consolidated basis, the Company should maintain a value adjusted tangible net worth of $200,000 thousand, the value adjusted tangible net worth should be at least 25% of the value adjusted total assets and unencumbered consolidated cash should be at least the higher of (i) $20,000 thousand and (ii) 6% of our gross interest-bearing debt.  “Value adjusted” was defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company's vessels (as determined quarterly by one approved broker).</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In July 2016, the credit facility was amended whereby the DHT Amazon and the DHT Europe were replaced by DHT Hawk, DHT Falcon and DHT Eagle and the quarterly installments changed to $5.8 million with a final payment of $190.4 million in December 2019.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Subsequent to the repayment of $16.4 million in connection with the sale of the DHT Eagle in December 2017, the quarterly installments were $5.0 million with a final payment of $180.1 million in December 2019.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In April 2018, we entered into a $484 million secured credit facility agreement for the refinancing of 13 of the Company's VLCCs. A non-cash finance expense in total of $4.3 million, related to upfront fees was expensed in second quarter 2018 in connection with the refinancing. The Nordea Samco Credit Facility was refinanced and the new credit facility is described below.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">The ABN AMRO Credit Facility</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In July 2014, we executed a credit facility to fund the acquisition of three VLCCs to be constructed at HHI through a secured term loan facility between and among ABN AMRO, DVB and Nordea as lenders, three vessel-owning companies as borrowers, and DHT Holdings, Inc. as guarantor.  The borrowers were permitted to borrow up to $141.0 million across three tranches under the ABN AMRO Credit Facility.  The ABN AMRO Credit Facility would be for a five-year term from the date of the first drawdown, but in any event the final maturity date would be no later than December 31, 2021, subject to earlier repayment in certain circumstances.  Borrowings would bear interest at a rate equal to LIBOR + 2.60% and each tranche was repayable in 20 quarterly installments totaling approximately $2.0 million and a final payment of $31.3 million in the first quarter of 2021 and $60.2 million in the third quarter of 2021 (assuming no additional repayments discussed below). In addition, each of the three borrowers should the first three years make additional repayments of a variable amount equal to free cash flow in the prior quarter capped at $0.3 million per quarter to be applied against the balloon. Free cash flow was defined as an amount calculated as of the last day of each quarter equal to the positive difference, if any, between (a) the sum of the earnings of the vessels during the quarter and (b) the sum of ship operating expenses, voyage expenses, estimated capital expenses for the following two quarters, general & administrative expenses, interest expenses and change in working capital.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-36</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The ABN AMRO Credit Facility was secured by, among other things, a first-priority mortgage on the vessels financed by the ABN AMRO Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of each of the borrower's bank accounts and a first-priority pledge over the shares in each of the borrowers.  The ABN AMRO Credit Facility contained covenants that prohibited the borrowers from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of their assets to another person.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The ABN AMRO Credit Facility contained a covenant requiring that at all times the charter-free market value of the vessels that secured the ABN AMRO Credit Facility be no less than 135% of borrowings.  Also, on a consolidated basis, the Company should maintain value adjusted tangible net worth of $300 million, value adjusted tangible net worth should be at least 25% of value adjusted total assets and unencumbered consolidated cash should be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt.  “Value adjusted” was defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the company's vessels (as determined quarterly by an approved broker).</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In April 2018, we entered into a $484 million secured credit facility agreement for the refinancing of 13 of the Company's VLCCs. A non-cash finance expense in total of $4.3 million, related to upfront fees was expensed in second quarter 2018 in connection with the refinancing. The ABN AMRO Credit Facility was refinanced and the new credit facility is described below.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">The Danish Ship Finance Credit Facility</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In November 2014, we entered into a credit facility to fund the acquisition of one of the VLCCs to be constructed at HHI through a secured term loan facility between and among Danish Ship Finance A/S, as lender, a vessel-owning company, as borrower, and DHT Holdings, Inc., as guarantor.  The borrower is permitted to borrow up to $49.4 million under the Danish Ship Finance Credit Facility.  The Danish Ship Finance Credit Facility is for a five-year term from the date of the first drawdown in November 2015, subject to earlier repayment in certain circumstances.  Borrowings bear interest at a rate equal to LIBOR + 2.25% and are repayable in 10 semiannual installments of $1.3 million each commencing six months after drawdown and a final payment of $36.4 million at final maturity.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Danish Ship Finance Credit Facility is secured by, among other things, a first-priority mortgage on the vessel financed by the Danish Ship Finance Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of the borrower's bank accounts and a first-priority pledge over the shares in the borrower.  The Danish Ship Finance Credit Facility contains covenants that prohibit the borrower from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of its assets to another person.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Danish Ship Finance Credit Facility contains a covenant requiring that at all times the charter-free market value of the vessel that secures the Danish Ship Finance Credit Facility be no less than 130% of borrowings.  Also, we covenant that, throughout the term of the Danish Ship Finance Credit Facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth shall be at least 25% of value adjusted total assets and unencumbered consolidated cash shall be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt.  “Value adjusted” is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company's vessels (as determined quarterly by an approved broker).</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-37</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br />  </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">The Nordea/DNB Credit Facility</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In October 2015, we entered into the Nordea/DNB Credit Facility, which allowed borrowings up to $50.0 million to fund the acquisition of one of the VLCCs to be constructed at HHI.  The Nordea/DNB Credit Facility was between and among Nordea Bank Norge ASA and DNB Bank ASA, as lenders, a vessel-owning company, as borrower, and DHT Holdings, Inc., as guarantor.  The full amount of the Nordea/DNB Credit Facility was borrowed in December 2015.  The Nordea/DNB Credit Facility had a five-year term from the date of the first drawdown, subject to earlier repayment in certain circumstances.  Borrowings would bear interest at a rate equal to LIBOR + 2.25% and was repayable in 10 semiannual installments of $0.6 million, each commencing three months after drawdown and a final payment of $37.5 million at final maturity.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Nordea/DNB Credit Facility was secured by, among other things, a first-priority mortgage on the vessel financed by the Nordea/DNB Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of the borrower's bank accounts and a first-priority pledge over the shares in the borrower.  The Nordea/DNB Credit Facility contained covenants that prohibited the borrower from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of its assets to another person.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Nordea/DNB Credit Facility contained a covenant requiring that at all times the charter-free market value of the vessel that secures the Nordea/DNB Credit Facility be no less than 135% of borrowings.  Also, on a consolidated basis, the Company should maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth should be at least 25% of value adjusted total assets, unencumbered consolidated cash should be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt and the borrower and DHT, on a consolidated basis, should have working capital greater than zero.  “Value adjusted” was defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company's vessels (as determined quarterly by an approved broker).</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In September 2016, the remaining four vessels financed under the RBS Credit Facility (DHT Ann, DHT Chris, DHT Cathy and DHT Sophie) were included in the Nordea/DNB Credit Facility as a separate tranche totaling $40.0 million.  Borrowings under the $40.0 million tranche bear interest at a rate equal to LIBOR + 2.75% and was repayable in 11 quarterly installments of $2.1 million from December 2016 to June 2019 and a final payment of $17.3 million in August 2019. Subsequent to the sale of DHT Chris and DHT Ann in 2017, the separate tranche was repayable in quarterly installments of $0.4 million with a final payment of $6.9 million in August 2019.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Nordea/DNB Credit Facility was repaid in full in connection with the sale of DHT Cathy and DHT Sophie in December 2018.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">The ABN AMRO Revolving Credit Facility</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In November 2016, the Company entered into a secured five-year revolving credit facility with ABN Amro totaling $50.0 million to be used for general corporate purposes including security repurchases and acquisition of ships (the “ABN AMRO Revolving Credit Facility”) between and among ABN AMRO Bank N.V. Oslo Branch (“ABN AMRO”) or any of their affiliates, as lender, Samco Delta Ltd. and Samco Eta Ltd. as borrowers (each, a direct wholly owned subsidiary of us, collectively, the “Borrowers”), and DHT Holdings, Inc., as guarantor. The financing bears interest at a rate equal to LIBOR + 2.50%. In April 2018, we entered into an agreement with ABN Amro to increase the revolving credit facility to $57.3 million with a quarterly reduction of $1.8 million starting July 31, 2018. As of December 31, 2018, there were no amounts outstanding under the ABN AMRO Revolving Credit Facility.  The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth shall be at least 25% of value adjusted total assets, unencumbered consolidated cash shall be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt and the borrower and DHT, on a consolidated basis, shall have working capital greater than zero.  “Value adjusted” is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the company's vessels (as determined quarterly by an approved broker).<br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-38</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div style="font-size:10pt;font-weight:bold;">The Nordea/DNB Newbuilding Credit Facility</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In June 2017, we entered into the Nordea/DNB Newbuilding Credit Facility, which allowed borrowings up to $82.5 million to fund the acquisition of two VLCCs to be constructed at HHI.  The Nordea/DNB Newbuilding Credit Facility was between and among Nordea Bank Norge ASA and DNB Bank ASA, as lenders, two vessel-owning companies, as borrowers, and DHT Holdings, Inc., as guarantor.  The Nordea/DNB Newbuilding Credit Facility had a five-year term from the date of the first drawdown, subject to earlier repayment in certain circumstances.  Borrowings bear interest at a rate equal to LIBOR + 2.50% and was repayable in 20 quarterly installments of $1.0 million each commencing three months after drawdown and a final payment of $61.9 million at final maturity.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Nordea/DNB Newbuilding Credit Facility was secured by, among other things, a first-priority mortgage on the vessels financed by the Nordea/DNB Newbuilding Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of the borrower's bank accounts and a first-priority pledge over the shares in the borrower.  The Nordea/DNB Newbuilding Credit Facility contained covenants that prohibited the borrower from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of its assets to another person. The Nordea/DNB Newbuilding Credit Facility contained a covenant requiring that at all times the charter-free market value of the vessels that secure the Nordea/DNB Newbuilding Credit Facility be no less than 135% of borrowings.  Also, , on a consolidated basis, the Company should maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth should be at least 25% of value adjusted total assets, unencumbered consolidated cash should be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt and the borrower and DHT, on a consolidated basis, should have working capital greater than zero.  “Value adjusted” was defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company's vessels (as determined quarterly by an approved broker).</div> <div><br /> </div> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="color:#000000;font-family:'Times New Roman';font-size:10pt;">In April 2018, we entered into a $484 million secured credit facility agreement for the refinancing of 13 of the Company's VLCCs. A </font>non-cash finance expense in total of $4.3 million, related to upfront fees was expensed in second quarter 2018 in connection with the refinancing. <font style="color:#000000;font-family:'Times New Roman';font-size:10pt;">The undrawn Nordea/DNB Newbuilding Credit Facility was refinanced and the new credit facility is described below.</font></div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">The Nordea BW VLCC Acquisition Credit Facility</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In April 2017, we entered into a six-year credit facility in the amount of $300 million with Nordea, DNB, ABN Amro, Danish Ship Finance, ING, SEB and Swedbank as lenders, and DHT Holdings, Inc. as guarantor for the financing of the cash portion of the acquisition of BW's VLCC fleet as well as the remaining installments under the two newbuilding contracts.  $204 million of the $300 million credit facility was borrowed during the second quarter of 2017 in connection with delivery of the nine VLCCs in water from BW.  The remaining $96 million was borrowed in connection with the delivery of DHT Stallion and DHT Colt in the second quarter of 2018. Borrowings bear interest at a rate equal to LIBOR + 2.40%.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Nordea BW VLCC Acquisition Credit Facility is secured by, among other things, a first-priority mortgage on the vessels financed by the credit facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of each of the borrower's bank accounts and a first-priority pledge over the shares in each of the borrowers.  The credit facility contains covenants that prohibit the borrowers from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of their assets to another person.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-39</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Nordea BW VLCC Acquisition Credit Facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings.  Also, we covenant that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth shall be at least 25% of the value adjusted total assets and unencumbered consolidated cash shall be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt.  “Value adjusted” is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company's vessels (as determined quarterly by one approved broker).</div> <div><br /> </div> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Subsequent to the sale of the DHT Utah in November 2017 and the DHT Utik in January 2018,</font> and the delivery of DHT Stallion in April 2018 and DHT Colt in May 2018<font style="color:#000000;font-family:'Times New Roman';font-size:10pt;">, the quarterly installments are $5.4 million with a final payment of $156.3 million in the second quarter of 2023.</font></div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In September 2018 DHT secured commitment to a $50 million scrubber financing structured through an increase of the existing $300 million secured credit facility entered into in the second quarter of 2017. The increased facility bear the same interest rate equal to LIBOR + 2.40%. As per December 31, 2018, a total of $5.0 million was drawn and $45.0 million is available. The facility will have quarterly installments of $2.5 million commencing second quarter 2020. Other terms and conditions remain unchanged.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">ABN Amro Credit Facility</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In April 2018 we entered into a credit facility with ABN Amro, Nordea, Credit Agricole, DNB, ING, Danish Ship Finance, SEB, DVB and Swedbank as lenders and DHT Holdings, Inc. as guarantor for the financing of eleven VLCCs and two newbuildings. Borrowings bear interest at a rate equal to LIBOR + 2.40% and the loan is repayable in quarterly installments of $8.3 million through Q2 2024 and a final payment of $286.1 with the last installment. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $300 million, value adjusted tangible net worth shall be at least 25% of value adjusted total assets and unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt. “Value adjusted” is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company's vessels (as determined quarterly by an approved broker).</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Convertible Senior Notes due 2019</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In September 2014, in connection with the acquisition of the shares in Samco, we issued $150,000 thousand principal amount of convertible senior notes due 2019 in a private placement.  We pay interest at a fixed rate of 4.50% per annum, payable semiannually in arrears.  The convertible senior notes due 2019 are convertible into common stock of DHT at any time until one business day prior to their maturity.  The initial conversion price for the convertible senior notes due 2019 is $8.125 per share of common stock (equivalent to an initial conversion rate of 123.0769 shares of common stock per $1,000 thousand aggregate principal amount of convertible senior notes), subject to customary anti-dilution adjustments.  The conversion price is subject to adjustment based on cash dividends paid on our common stock and as of December 31, 2018 the conversion price was $6.2599.  We received net proceeds of approximately $145,500 thousand (after placement agent expenses, but before other transaction expenses).  The convertible senior notes due 2019 were initially recognized at fair value, but are carried at amortized cost. The value of the conversion option is being calculated using a Black & Scholes model.  Fees related to the issue of the convertible senior notes due 2019 are amortized over the life of the convertible senior notes. In 2016, we acquired in the open market $27.0 million of our convertible senior notes due 2019 at an average price of 91.7% of par and in 2017 we acquired in the open market $17.2 million of our convertible senior notes due 2019 at an average price of 99.0% of par.  In August 2018, approximately $73.0 million of the convertible senior notes due 2019 were exchanged for approximately $80.3 million aggregate principal amount of the convertible senior notes due 2021. The repurchased convertible senior notes due 2019 have been cancelled and the subsequent outstanding amount is then $32.9 million.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-40</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Convertible Senior Notes due 2021</div> <div><br /> </div> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">In August 2018, the Company entered into separate, privately negotiated exchange agreements with certain holders of its outstanding 4.5% convertible senior notes due 2019 to exchange approximately $73.0 million aggregate principle amount of the 2019 Notes for approximately $80.3 million aggregate principal amount of the Company's new 4.5% convertible senior notes due 2021. The Company also entered into private placement purchase agreements with investors to issue approximately $44.7 million aggregate principal amount of the Company's new 4.5% convertible senior notes due 2021 for gross proceeds of approximately $41.6 million. Upon the completion of the private exchanges and private placement, the aggregate principal amount of 2021 Notes outstanding was 125.0 million and approximately $32.9 million aggregate principal amount of 2019 Notes outstanding. We pay interest at fixed rate of 4.50% per annum, payable semiannually in arrears. The convertible senior notes due 2021 are convertible at the option of the holder and may be converted at any time prior to the business day immediately preceding the maturity date of the 2021 Notes as specified in the indenture. Upon conversion, holders will receive shares of the Company's common stock. The initial conversion price for the Convertible Senior Noted due 2021 is $6.2599 per share of common stock (equivalent to an initial conversion rate of 159.7470 shares of common stock per $1,000 aggregate principal amount of convertible senior notes), subject to customary anti-dilution adjustments. We received net proceeds of approximately $38.9 million after the payment of placement agent fees.</div> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-41</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div><br /> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Note 10 - Stockholders' equity and dividend payment</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Stockholders' equity:</div> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands, except per share data)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Common stock</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Preferred stock</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Issued at December 31, 2016</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">93,433,804</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Restricted stock issued</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,259,208</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">New shares issued *</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">47,724,395</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Issued at December 31, 2017</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">142,417,407</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Restricted stock issued</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,175,136</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Retirement of treasury shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(892,497</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Issued at December 31, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">142,700,046</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Par value</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.01</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.01</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Shares to be issued assuming conversion of convertible notes due 2019**</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6,562,001</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Shares to be issued assuming conversion of convertible notes due 2021**</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">29,761,913</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Number of shares authorized for issue at December 31, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">250,000,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> * On March 23, 2017, we announced that we entered into the VAA, to acquire nine VLCCs and newbuild contracts for two VLCCs due for delivery in 2018 from BW Group, in exchange for aggregate cash consideration in an amount equal to $177,360,000 and an aggregate equity consideration consisting of 32,024,395 shares of the Company's common stock and 15,700 shares of the Series D Preferred Stock.  Subsequent to the conversion of each share of the Series D Preferred Stock into 1,000 shares of Company common stock in 2017, a total of 47,724,395 shares of common stock were issued.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">** Assuming the maximum fundamental change conversion rate.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Common stock</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Convertible Notes Offering</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Please see note 9 for information on the convertible senior notes.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Preferred stock:<br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Terms and rights of preferred shares will be established by the board when or if such shares would be issued.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Series C Participating Preferred stock</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">In January 2017, our board of directors adopted a shareholder rights plan (“Rights Plan”) and declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock, par value $0.01 per share, of DHT to purchase from DHT one ten-thousandth of a share of Series C Junior Participating Preferred Stock, par value $0.01 per share, of DHT at a price of $22.00 per one ten-thousandth of a share of Series C Junior Participating Preferred Stock, subject to adjustment as provided in the Rights Agreement dated as of January 29, 2017 (as the same may be amended from time to time, the “Rights Agreement”), between DHT and American Stock Transfer & Trust Company, LLC, as Rights Agent.  The description and terms of the Rights are set forth in the Rights Agreement. The Rights Plan and the preferred share purchase rights expired on January 28, 2018 in accordance with its and their terms, and have not been replaced or renewed.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-42</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Series D Junior Participating Preferred stock</div> <div><br /> </div> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">In connection with the Company's acquisition of BW Group's VLCC fleet by DHT announced on March 23, 2017, the Company agreed to 15,700 shares of Series D Junior Participating Preferred stock that were mandatorily convertible into 15.7 million shares of DHT common stock subject to DHT shareholder approval.  All outstanding shares of Series D Junior Participating Preferred stock were mandatorily converted into 15.7 million shares of DHT common stock during the second quarter of 2017.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Dividend payment:</div> <div><br /> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:80%;"> <tr style="height:19px;"> <td valign="bottom" style="vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Dividend payment as of December 31, 2018:</div> </td> <td valign="bottom" style="vertical-align:bottom;width:8.97%;"> </td> <td valign="bottom" style="vertical-align:bottom;width:2.11%;"> </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:107px;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Per share</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Payment date:</div> </td> <td style="border-bottom:#000000 2px solid;vertical-align:bottom;white-space:nowrap;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Total payment</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:2.11%;"> </td> <td colspan="2" style="border-bottom:#000000 2px solid;vertical-align:bottom;width:107px;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Common</div> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">February 28, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 2.9 million</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.02</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">May 30, 2018</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 2.9 million</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.02</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr style="height:16px;"> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">August 31, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 2.9 million</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.02</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">November 23, 2018</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 2.9 million</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.02</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr style="height:14px;"> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total payment as of December 31, 2018:</div> </td> <td style="background-color:#cceeff;border-bottom:#000000 2px solid;vertical-align:top;white-space:nowrap;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">$ 11.5 million</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">0.08</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:79%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:8.97%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:8.97%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Dividend payment as of December 31, 2017:</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Payment date:</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:8.97%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:8.97%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">February 22, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 7.6 million</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.08</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">May 31, 2017</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 10.1 million</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.08</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">August 31, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 2.8 million</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.02</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">December 6, 2017</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 2.8 million</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.02</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total payment as of December 31, 2017:</div> </td> <td style="background-color:#cceeff;border-bottom:#000000 2px solid;vertical-align:top;white-space:nowrap;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">$ 23.3 million</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">0.20</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:79%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:8.97%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:8.97%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Dividend payment as of December 31, 2016:</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Payment date:</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:8.97%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:8.97%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">February 24, 2016</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 19.7 million</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.21</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">May 25, 2016</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 23.3 million</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.25</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">August 31, 2016</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 21.5 million</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.23</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr style="height:13px;"> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">November 23, 2016</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 1.9 million</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.02</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total payment as of December 31, 2016:</div> </td> <td style="background-color:#cceeff;border-bottom:#000000 2px solid;vertical-align:top;white-space:nowrap;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">$ 66.4 million</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">0.71</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> </table> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">On February 26, 2019, DHT paid a dividend of $0.05 per common share to shareholders of record as of February 19, 2019, resulting in a total dividend payment of approximately $7.1 million.</div> <div><br /> </div> <div><br /> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Note 11 - General & Administrative Expenses</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">General and Administrative Expenses:</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:80%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Total Compensation to Employees and Directors</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">11,289</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">11,655</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">15,998</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Office and Administrative Expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2,449</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2,147</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2,213</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:12px;"> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Audit, Legal and Consultancy</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,314</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">3,377</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,180</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total General and Administrative Expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">15,052</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">17,180</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">19,391</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Stock Compensation</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">The Company has an Incentive Compensation Plan (“Plan”) for the benefit of Directors and senior management.  Different awards may be granted under this Plan, including stock options, restricted shares/restricted stock units and cash incentive awards.</font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">  </font></div> <div style="text-align:center;"><font style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-42</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><a href="#TABLEOFCONTENTS">Table of Contents</a></font></div> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><u>Stock Options</u></font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">The exercise price for options cannot be less than the fair market value of a common stock on the date of grant.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Restricted shares</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Restricted shares can neither be transferred nor assigned by the participant.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Vesting conditions</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Awards issued vest subject to continued employment or office.  The awards have graded vesting.  For some of the awards there is an additional vesting condition requiring certain market conditions to be met.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">The Plan may allow for different criteria for new grants.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Stock Compensation Series</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:67%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Number of</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">shares/options</div> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Vesting</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Period</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Fair value</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">at grant date</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:13px;"> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(1) Granted October 2005, stock options</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">965</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">10 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">144.00</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(2) Granted March 2012, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">14,515</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">13.80</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(3) Granted June 2013, restricted shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">155,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4.15</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(4) Granted June 2013, stock options</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">155,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">5 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1.31</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(5) Granted June 2013, stock options</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">155,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">5 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">0.97</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(6) Granted February 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">29,333</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6.92</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(7) Granted February 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">29,333</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6.33</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(8) Granted February 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">29,333</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">5.63</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(9) Granted February 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">88,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">7.61</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(10) Granted June 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">95,666</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6.41</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(11) Granted June 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">95,666</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">5.74</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(12) Granted June 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">95,666</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">5.13</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(13) Granted June 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">287,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">7.15</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(14) Granted January 2015, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">850,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">8.81</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(15) Granted January 2016, restricted shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">824,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6.65</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(16) Granted January 2017, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">900,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4.61</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(17) Granted January 2018, restricted shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">355,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1 year</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3.92</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(18) Granted January 2018, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">212,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2.30</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">  </font></div> <div style="text-align:center;"><font style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-43</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><a href="#TABLEOFCONTENTS">Table of Contents</a></font></div> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">The following reconciles the number of outstanding restricted common stock and share options:</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:63%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Restricted</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">common stock</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Share options</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Weighted average</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">exercise price **</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Outstanding at December 31, 2015</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,385,832</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">310,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">9.64</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Granted</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">824,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Exercised*</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">833,012</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Forfeited</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Outstanding at December 31, 2016</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,376,820</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">310,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">9.64</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Outstanding at December 31, 2016</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,376,820</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">310,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">9.64</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Granted</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">900,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Exercised*</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,132,988</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Forfeited</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">57,501</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Outstanding at December 31, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,086,331</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">310,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">9.64</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Outstanding at December 31, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,086,331</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">310,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">9.64</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Granted</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">567,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Exercised*</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,085,331</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Forfeited</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">22,500</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">310,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">9.64</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Outstanding at December 31, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">545,500</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">*Does not include shares in lieu of dividends</font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">**To be adjusted for dividends declared and paid subsequent to the respective grant dates.</font></div> <font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Stock Compensation Expense</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;font-weight:bold;"><br /> </font></div> <div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Expense recognized from stock compensation</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2,458</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">4,806</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6,936</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">The fair value on the vesting date for shares that vested in 2018 was $3.38 for 891,136 shares, $3.50 for 264,000 shares and 4.30 for 20,000 shares. The fair value on the vesting date for shares that vested in 2017 was $4.83 for 1,189,100 shares and $3.68 for 70,108 shares. The fair value on the vesting date for shares that vested in 2016 was $5.67 for 285,362 shares, $5.78 for 530,594 shares and $3.86 for 67,744 shares.    All share-based compensation is equity-settled and no payments were made for the vested shares.  The average contractual life for the outstanding stock compensation series was 0.11 years as of December 31, 2018.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Valuation of Stock Compensation</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">For the year 2017, a total of 567,000 shares of restricted stock were awarded to management and the board of directors in January 2018, of which 264,000 shares vested in February 2018 and 78,500 shares vested in February 2019, while 12,500 shares were forfeited in October 2018. The remaining 202,000 shares will vest subject to certain market conditions prior to February 8, 2021, while 10,000 shares were forfeited in October 2018. The above vesting is subject to continued employment or office, as applicable, as of the relevant vesting date. The estimated fair value at grant date was equal to the share price at grant date for 355,000 shares and $2.30 for 212,000 shares. For the year 2016, a total of 900,000 shares of restricted stock were awarded to management and the board of directors in January 2017, vesting in equal amounts on February 4, 2017, 2018 and 2019, respectively, subject to continued employment or office, as applicable.  The calculated fair value at grant date was equal to the share price at grant date.  The grants of restricted stock to management and the board of directors described above were generally granted in the beginning of the year following the year to which they relate. </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">  </font></div> <div style="text-align:center;"><font style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-44</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><a href="#TABLEOFCONTENTS">Table of Contents</a></font></div> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br />  </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Compensation of Executives and Directors</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Remuneration of Executives and Directors as a group:</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr style="height:14px;"> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Cash compensation</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,989</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,171</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,162</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Pension cost</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">202</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">155</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">158</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Share compensation *</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,250</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,107</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,227</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total remuneration</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">6,441</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">8,433</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">10,547</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">*Share compensation reflects the expense recognized.</font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">** Compensation for 2018 includes full year compensation for both current and former chief financial officer.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Shares held by Executives and Directors:</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Executives and Directors as a group*</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,155,503</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,729,680</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,416,385</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">*Includes 465,000 (2017: 906,666, 2016: 1,184,155) shares of restricted stock subject to vesting conditions.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">In connection with termination of an Executive's employment, the Executives of the Company may be entitled to an amount equal to 18 months base salary and any unvested equity awards may become fully vested in certain circumstances.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Note 12 - Related parties</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Related party transactions relate to the Company's subsidiaries, associated company, employees and members of the board of directors.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in this note.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Subsequent to DHT's acquisition of the shares in Samco, the Company owns 50% of Goodwood.  As of December 31, 2018, Goodwood is the technical manager for 24 of the Company's vessels.  In 2018, total technical management fees paid to Goodwood were $3,305 thousand.  In 2017, total technical management fees paid to Goodwood were $3,031 thousand. In 2016, total technical management fees paid to Goodwood were $2,234 thousand.</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Further, DHT has issued certain guarantees for certain of its subsidiaries.  This mainly relates to the Company's credit facilities, which are all guaranteed by DHT Holdings.</div> <div><br /> </div> <div><br /> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Note 13 - Pensions</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company is required to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (“<font style="font-family:'Times New Roman';font-size:10pt;font-style:italic;">lov om obligatorisk tjenestepensjon</font>”) for the employees in DHT Management AS.  The company's pension scheme satisfies the requirements of this law and comprises a closed defined benefit scheme.  At the end of the year, there were 15 participants in the benefit plan.</div> <div><br />  </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-46</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br /> </div> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Defined benefit pension</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company established a defined benefit plan for qualifying employees in 2010.  Under the plan, the employees, from the age 67, are entitled to 70% of the base salary at retirement date.  Parts of the pension are covered by payments from the National Insurance Scheme in Norway.  The defined benefit plan is insured through an insurance company.</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Calculation of this year's pension costs:</div> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr style="height:17px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;font-weight:bold;text-align:right;vertical-align:top;">2018</td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;font-weight:bold;text-align:right;vertical-align:top;">2017</td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;font-weight:bold;text-align:right;vertical-align:top;"> 2016</td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr style="height:17px;"> <td valign="bottom" style="vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Current service cost</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">403</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">329</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">344</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Financial costs</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">10</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Pension costs for the year</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">413</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">335</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">350</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">The amounts recognised in the statement of financial position at the reporting date are as follows:</div> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Present value of the defined benefit obligation</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,971</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,481</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,128</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Fair value of plan assets</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,614</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,266</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">963</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net pension obligation</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">357</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">215</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">165</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Remeasurement loss</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">182</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">211</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">60</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net balance sheet recorded pension liability December 31</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">539</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">425</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">225</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;vertical-align:top;"> <div style="text-align:left;"><u>Change in gross pension obligation:</u></div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Gross obligation January 1</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,708</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,111</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">945</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Current service cost</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">398</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">325</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">360</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest charge on pension liabilities</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">42</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">31</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">27</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Past service cost - curtailment/plan amendment</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(19</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Settlement (gain)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(128</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Social security expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(57</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(44</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(48</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Remeasurements loss/(gain)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">119</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">227</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(18</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Exchange rate differences</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(119</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">58</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(8</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Gross pension obligation December 31</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">2,090</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,708</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,111</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;vertical-align:top;"> <div style="text-align:left;"><u>Change in gross pension assets:</u></div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Fair value plan asset January 1</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,282</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">886</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">744</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest income</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">27</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">20</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">17</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Settlement</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(128</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Employer contribution</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">404</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">313</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">338</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Remeasurements (loss)/gain</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(63</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">16</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(79</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Exchange rate differences</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(99</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">47</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(7</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Fair value plan assets December 31</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,551</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,282</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">886</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company expects to contribute $345 thousand to its defined benefit pension plan in 2019.</div> <div> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr style="height:12px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Assumptions</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Discount rate</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.60</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.40</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.60</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Yield on pension assets</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.60</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.40</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.60</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Wage growth</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.75</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.50</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.50</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">G regulation*</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.50</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.25</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.25</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Pension adjustment</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.80</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.50</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.00</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Average remaining service period</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">18</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">18</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">19</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> *Increase of social security base amount ("G") as per Norwegian regulations.</div> <div><br /> </div> <div><br /> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-47</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Note 14 - Tax</div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company is a foreign corporation that is not subject to United States federal income taxes.  Further, the Company is not subject to income taxes imposed by the Marshall Islands, the country in which it is incorporated. The Norwegian management company, DHT Management AS, is subject to income taxation in Norway and the subsidiaries in Singapore, DHT Ship Management (Singapore) Pte. Ltd., DHT Chartering (Singapore) Pte. Ltd. and DHT Management Pte. Ltd. are subject to income taxation in Singapore.  The tax effects for the Companies are disclosed below.</div> <div><br /> </div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Specification of income tax:</div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:top;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Income tax payable</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">74</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">132</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">100</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Tax expenses related to previous year</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">8</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(10</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Change in deferred tax</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">8</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(8</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Total income tax expense</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">83</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">131</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">95</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div> </div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Specification of temporary differences and deferred tax:</div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Property, plant and equipment</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(164</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(164</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(89</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Pensions</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(539</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(425</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(225</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Total basis for deferred tax</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(703</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(590</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(314</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Deferred tax liability <sup>1)   2)</sup></div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(155</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(136</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(75</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> </table> <div> </div> <div> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> <sup>1)</sup> Due to materiality, not recognized on a separate line in the statements of financial position.</div> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"><sup>2)</sup> The general income tax rate is reduced from 23% to 22%, effective from fiscal year 2019, reduced from 24% to 23%, effective from fiscal year 2018 and reduced from 25% to 24%, effective from fiscal year 2017. </div> </div> <div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Reconciliation of effective tax rate:</div> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/(loss) before income tax</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(46,845</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,733</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">9,354</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Expected income tax assessed at the tax rate for the Parent company (0%)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Adjusted for tax effect of the following items:</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">   Income in subsidiary, subject to income tax</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">83</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">131</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">95</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:12px;"> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Total income tax expense</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">83</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">131</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">95</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div> </div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"> <div style="text-align:center;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-48</font></div> <div style="page-break-after:always;"> </div> <div style="width:100%;"><a href="#TABLEOFCONTENTS">Table of Contents</a></div> </div> <div><br />  </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Note 15 - Investment in associate company</div> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Investment in associate company</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,388</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,992</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Details of associate are as follows:</div> <div><br /> </div> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr style="height:18px;"> <td style="border-bottom:#000000 2px solid;vertical-align:bottom;width:28%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Name of associate</div> </td> <td style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:bottom;width:28%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Principal activities</div> </td> <td style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:bottom;width:20%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Place of incorporation and business</div> </td> <td style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="3" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Effective equity interest</div> </td> </tr> <tr> <td style="padding-bottom:2px;vertical-align:top;width:28%;"> </td> <td style="padding-bottom:2px;vertical-align:top;width:1%;"> </td> <td style="padding-bottom:2px;vertical-align:top;width:28%;"> </td> <td style="padding-bottom:2px;vertical-align:top;width:1%;"> </td> <td style="padding-bottom:2px;vertical-align:top;width:20%;"> </td> <td style="padding-bottom:2px;vertical-align:top;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td style="padding-bottom:2px;vertical-align:top;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> </tr> <tr style="height:14px;"> <td style="background-color:#cceeff;vertical-align:top;width:28%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Goodwood Ship Management Pte. Ltd.</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:28%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:center;">Ship management</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:20%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:center;">Singapore</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">50%</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">50%</div> </td> </tr> </table> <div><br /> </div> <div><br /> </div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The following summarizes the share of profit of the associate that are accounted for using the equity method:</div> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Company's share of</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">  - Profit after taxation</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">858</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">802</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">  - Other comprehensive income for the year, net of tax</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(53</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">193</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">  - Total comprehensive income for the year</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">805</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">995</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><br /> </div> <div><br /> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Note 16 - Condensed Financial Information of DHT Holdings, Inc. (parent company only)</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">SEC Rule 12-04 Condensed Financial Information of Registrant requires DHT to disclose condensed financial statements of the parent company when the restricted net assets of consolidated subsidiaries exceeds 25% of consolidated net assets as of the end of the most recently completed fiscal year.  For purposes of the test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant's proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations), which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.).</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">The restricted net assets of consolidated subsidiaries exceeded 25% of the consolidated net assets of the parent company as of December 31, 2018, 2017 and 2016.  The restricted assets mainly relate to assets restricted by covenants in our secured credit agreements entered into by the Company's vessel-owning subsidiaries.</font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <div style="text-align:center;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-49</font></font></div> <div style="page-break-after:always;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">  </font></div> <div style="width:100%;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><a href="#TABLEOFCONTENTS">Table of Contents</a></font></div> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">FINANCIAL POSITION</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><u>(Dollars in thousands)</u></font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">ASSETS</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Current assets</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Cash and cash equivalents</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">17,783</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">11,540</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts receivable and prepaid expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">374</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">249</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Deposit for vessel acquisition</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">114,759</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Amounts due from related parties</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">36,216</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">7,992</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total current assets</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">54,372</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">134,540</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Investments in subsidiaries</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">468,941</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">521,801</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Loan to subsidiaries</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">563,349</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">481,012</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Investment in associate company</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">201</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">201</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total non-current assets</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,032,491</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,003,014</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total assets</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,086,864</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,137,555</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">LIABILITIES AND STOCKHOLDERS' EQUITY</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Current liabilities</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payable and accrued expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">3,733</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,454</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Current portion long-term debt</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">32,009</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total current liabilities</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">35,742</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,454</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Non-current liabilities</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Long-term debt</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">111,968</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">98,262</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total non-current liabilities</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">111,968</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">98,262</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total liabilities</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">147,710</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">99,716</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Stockholders' equity</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Stock</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,427</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,424</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Treasury shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(1,364</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Paid-in additional capital</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,097,099</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,096,793</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accumulated deficit</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(158,009</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(60,379</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total stockholders equity</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">939,154</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,037,838</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total liabilities and stockholders' equity</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,086,864</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,137,555</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br />  </font></div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <div style="text-align:center;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-50</font></font></div> <div style="page-break-after:always;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">  </font></div> <div style="width:100%;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><a href="#TABLEOFCONTENTS">Table of Contents</a></font></div> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">INCOME STATEMENT</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Revenues</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,770</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Impairment charge</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(93,452</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(4,948</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(18,132</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Dividend income</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">9,909</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">25,415</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">16,900</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">General and administrative expense</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(13,735</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(13,764</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(14,525</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Operating income/(loss)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(97,279</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,703</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(8,987</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest income</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">24,893</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">21,798</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">14,559</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest expense</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(10,341</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(9,229</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(11,494</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Other financial income/(expenses)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,416</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,020</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">693</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Profit/(loss) for the year</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(86,143</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">20,293</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(5,228</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> </tr> </table> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;margin-left:5.75pt;text-align:center;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Statement of Comprehensive Income</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/(loss) for the year</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(86,143</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">20,293</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(5,228</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Other comprehensive income/(loss):</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Items that will not be reclassified subsequently to profit or loss:</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Items that may be reclassified subsequently to profit or loss:</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total comprehensive income/(loss) for the period</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(86,143</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">20,293</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(5,228</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Attributable to the owners</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(86,143</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">20,293</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(5,228</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> </tr> </table> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">In the condensed financial statement of parent company, the parent company's investments in subsidiaries were recorded at cost less any impairment.  An assessment for impairment was performed when there was an indication that the investment had been impaired or the impairment losses recognized in prior years no longer existed.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <div style="text-align:center;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-51</font></font></div> <div style="page-break-after:always;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">  </font></div> <div style="width:100%;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><a href="#TABLEOFCONTENTS">Table of Contents</a></font></div> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">CASH FLOW</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cash Flows from Operating Activities:</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/(loss) for the year</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(86,143</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">20,293</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(5,228</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Items included in net income not affecting cash flows:</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Amortization</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,733</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,170</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,982</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Impairment charge</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">93,452</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,948</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">18,132</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Compensation related to options and restricted stock</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">663</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,948</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">7,365</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(Gain)/loss purchase convertible bond</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,589</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(1,035</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Changes in operating assets and liabilities:</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:18px;"> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts receivable and prepaid expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(125</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,305</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(4,148</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payable and accrued expenses</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,279</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(291</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(148</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Amounts due to related parties</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(72,365</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">11,782</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">122,401</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net cash (used in)/provided by operating activities</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(53,917</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">49,119</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">143,357</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cash flows from Investing Activities</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Investments in subsidiaries</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(1,022</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Loan to subsidiaries</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">58,990</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">82,814</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(63,985</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Investment in vessels under construction</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(21,263</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(86,004</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(32,219</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net cash provided by/(used in) investing activities</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">37,727</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,191</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(97,227</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cash flows from Financing Activities</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Cash dividends paid</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(11,487</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(23,328</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(66,365</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Purchase of treasury shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(5,026</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(2,031</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Issuance of convertible bonds</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">38,945</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Purchase of convertible bonds</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(17,104</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(25,334</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net cash provided by/(used in) financing activities</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">22,432</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(40,431</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(93,731</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Net increase/(decrease) in cash and cash equivalents</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,242</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">5,497</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(47,602</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Cash and cash equivalents at beginning of period</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">11,540</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,043</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">53,645</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cash and cash equivalents at end of period</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">17,783</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">11,540</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,043</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">The condensed financial information of DHT Holdings Inc. has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the cost method has been used to account for investments in its subsidiaries.</font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="clear:both;margin-bottom:10pt;margin-top:10pt;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <div style="text-align:center;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-52</font></font></div> <div style="page-break-after:always;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">  </font></div> <div style="width:100%;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><a href="#TABLEOFCONTENTS">Table of Contents</a></font></div> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">A reconciliation of the profit/(loss) and equity of the parent company only between cost method of accounting and equity method of accounting for investments in its subsidiaries are as follows:</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Profit/(Loss) Reconciliation<br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/(loss) of the parent company only under cost method off accounting</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(86,143</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">20,293</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(5,228</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Additional profit/(loss) if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">39,014</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(13,664</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">14,467</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/(loss) of the parent company only under equity method of accounting</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(47,128</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,628</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">9,239</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><font style="font-weight:bold;">Equity Reconciliation</font><br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Equity of the parent company only under cost method of accounting</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">939,154</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,037,838</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Additional profit if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">22,762</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(16,253</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Equity of the parent company only under equity method of accounting</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">961,915</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,021,586</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Dividends from subsidiaries are recognized when they are authorized. During the year ended December 31, 2018, the parent company recorded dividend income from its subsidiaries of $ 9,500 thousand. During the year ended December 31, 2017, the parent company recorded dividend income from its subsidiaries of $25,000 thousand. During the year ended December 31, 2016, the parent company recorded dividend income from its subsidiaries of $16,900 thousand.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">During the year ended December 31, 2018, the parent company was a guarantor for all of its credit facilities. Please refer to Notes 8 and 9 for a listing and summary of the credit facilities.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Note 17 - Events after the reporting date</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Restricted Shares</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">In January 2019, for the year 2018, a total of 560,000 shares of restricted stock were awarded to management pursuant to the Plan, of which 120,000 shares will vest in January 2020, 120,000 shares will vest in January 2021 and 120,000 shares will vest in January 2022.  The remaining 200,000 shares will vest subject to certain market conditions prior to February 8, 2022.  The above vesting is subject to continued employment or office, as applicable, as of the relevant vesting date.  The estimated fair value at grant date was equal to the share price at grant date for 360,000 shares and $3.04 per share for 200,000 shares.  In March 2019, a total of 210,000 shares of restricted stock were awarded to the board of directors pursuant to the Plan. The estimated fair value at grant date was equal to the share price at grant date and the shares will vest in June 2020.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Dividend</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">On February 6, 2019, DHT announced that it would pay a dividend of $0.05 per common share on February 26, 2019, to shareholders of record as of February 19, 2019.  This resulted in a total dividend payment of $7.1 million.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Approval of financial statements</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">The financial statements were approved by the board of directors on <font style="font-family:'Times New Roman';font-size:10pt;">March 13</font>, 2019, and authorized for issue.</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <div style="text-align:center;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div style="text-align:center;"><font style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;">F-52</font></div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Condensed consolidated statement of financial position <br /> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr style="height:45px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Balance at</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">December 31,</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Adjustments</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">due to IFRS 15</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Balance at</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">January 1,</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Assets</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts receivable and accrued revenues</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">42,212</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(7,437</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">34,775</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Capitalized voyage expenses</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,888</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,888</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Liabilities</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9.29%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payable and accrued expenses</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">17,427</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(815</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">16,613</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Stockholders' equity</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9.29%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accumulated deficit</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(222,087</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(4,734</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(226,821</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr style="height:17px;"> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9.29%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr style="height:12px;"> <td colspan="14" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The impact of the adoption of IFRS 15 <font style="font-family:'Times New Roman';font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font> on our consolidated statement of financial position as of December 31, 2018, consolidated income statement and consolidated statement of cash flow were as follows: </div> </td> </tr> <tr style="height:12px;"> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td colspan="10" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr style="height:6px;"> <td valign="bottom" style="vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Condensed consolidated statement of financial position </div> </td> <td valign="bottom" style="vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:right;vertical-align:bottom;width:9.29%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr style="height:6px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:34%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="11" valign="bottom" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"><font style="font-weight:bold;">Balance as of December 31, 2018</font>  </td> <td valign="bottom" style="padding-bottom:2px;text-align:center;vertical-align:bottom;width:30%;"> </td> </tr> <tr style="height:6px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:34%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;width:9.29%;"><font style="font-weight:bold;">As reported</font> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Adjustments</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">due to IFRS 15 </div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;width:9%;"> <div style="font-weight:bold;">Balance without</div> <div style="font-weight:bold;">adoption of</div> <div><font style="font-weight:bold;">IFRS 15</font> </div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Assets</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9.29%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts receivable and accrued revenues</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="font-family:'Times New Roman';font-size:10pt;">60,196</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">8,271</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">68,467</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Capitalized voyage expenses</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,633</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(1,633</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">0</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Liabilities</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9.29%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payable and accrued expenses</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="font-family:'Times New Roman';font-size:10pt;">28,634</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">602</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">29,236</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Stockholders' equity</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9.29%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:34%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Accumulated deficit</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9.29%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(285,383</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,036</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(279,347</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:30%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Condensed consolidated income statement 2018</div> <div><br /> </div> <table align="left" border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:70%;"> <tr> <td style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">As reported</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Adjustments</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;"> due to IFRS 15</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Without adoption of<br /> IFRS 15</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Shipping revenues</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">375,941</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">834</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">376,776</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Voyage expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(161,891</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">468</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(161,423</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr style="height:14px;"> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Profit/(loss) for the year</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(46,927</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,302</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(45,625</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="font-weight:bold;">Condensed consolidated statement of cash flow 2018</div> <div><br /> </div> <table align="left" border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:70%;"> <tr> <td style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">As reported</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Adjustments</div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">due to IFRS 15</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Without adoption of<br /> IFRS 15</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/(loss) for the year</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(46,927</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,302</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(45,625</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts receivable and accrued revenues</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(25,421</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(834</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(26,255</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Capitalized voyage expenses</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">255</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(255</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(0</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payable and accrued expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">8,234</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(213</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">8,021</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net cash provided by operating activities</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">53,985</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(0</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">53,985</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The below table details the Company's shipping revenues:<br /> </div> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr style="height:13px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Time charter revenues*</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">64,462</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">100,310</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">118,997</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Voyage charter revenues**</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">311,480</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">254,742</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">234,646</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Other shipping revenues</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2,366</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Shipping revenues</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">375,941</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">355,052</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">356,010</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The following summarizes the Company's vessel employment as of December 31, 2018:</div> <div><br /> </div> <table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;width:70%;"> <tr style="height:16px;"> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Vessel</div> </td> <td style="padding-bottom:2px;vertical-align:top;width:2.04%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:19.96%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Type of</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Employment</div> </td> <td style="padding-bottom:2px;vertical-align:top;width:2.04%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Expiry</div> </td> </tr> <tr style="height:16px;"> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">VLCC</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;">  </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Amazon</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td colspan="2" style="background-color:#ffffff;vertical-align:top;width:38.07%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Time charter with profit sharing</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:center;">Q4 2021</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Bauhinia</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:16px;"> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Bronco</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT China</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Time charter with profit sharing</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:center;">Q2 2021</div> </td> </tr> <tr style="height:16px;"> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Colt</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td colspan="2" style="background-color:#ffffff;vertical-align:top;width:38.07%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:12px;"> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Condor</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Edelweiss</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Time charter with profit sharing</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:center;">Q1 2019</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Europe</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Time charter with profit sharing</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:center;">Q1 2022</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Falcon</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:18px;"> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Hawk</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:13px;"> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Jaguar</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Lake</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:13px;"> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Leopard</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Lion</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Lotus</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Time charter with profit sharing</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:center;">Q1 2019</div> </td> </tr> <tr style="height:12px;"> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Mustang</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Opal</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:13px;"> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Panther</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:16px;"> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Peony</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Puma</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr style="height:14px;"> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Raven</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Redwood</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Scandinavia</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Stallion</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Sundarbans</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Taiga</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:19.96%;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Tiger</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:36.03%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Spot</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:2.04%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:19.96%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The future revenues expected to be received from the time charters (not including any potential profit sharing) for the Company's vessels on existing charters as of the reporting date are as follows:<br /> </div> <div><br /> </div> <table align="left" border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:50%;"> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollar in thousands)</div> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;padding-bottom:2px;vertical-align:top;"><u> </u> <div style="text-align:left;"><u>Year</u></div> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Amount</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:88%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">2019</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">34,044</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:11px;"> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:88%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">2020</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">36,837</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:88%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">2021</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">26,293</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:88%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">2022</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">154</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:88%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">2023</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:88%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Thereafter</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:88%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net charter payments:</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">97,327</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The components of the calculation of basic EPS and diluted EPS are as follows:</div> <div><br /> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/loss for the period used for calculation of EPS - basic</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(46,927</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6,602</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">9,260</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:12px;"> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/loss for the period used for calculation of EPS - dilutive</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(46,927</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6,602</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">9,260</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:70%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;"><u>Basic earnings per share:</u></font></div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Weighted average shares outstanding - basic</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">143,429,610</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">124,536,338</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">93,382,757</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:70%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"><font style="background-color:#cceeff;color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;"><u>Diluted earnings per share:</u></font></div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Weighted average shares outstanding - basic</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">143,929,610</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">124,536,338</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">93,382,757</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Dilutive equity awards</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">5,311</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6,853</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:70%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Weighted average shares outstanding - dilutive</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">143,434,921</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">124,536,338</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">93,389,610</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Vessels are owned by companies incorporated in the Marshall Islands or Cayman Islands.  The Vessel Subsidiaries are wholly owned directly by the Company. The primary activity of each of the Vessel Subsidiaries is the ownership and operation of a Vessel.  In addition, the Company has a vessel chartering subsidiary and two subsidiaries, DHT Management AS (Norway) and DHT Ship Management (Singapore) Pte. Ltd., which perform management services for DHT and its subsidiaries.  The following table sets out the details of the Vessel Subsidiaries included in these consolidated financial statements:</div> <div><br /> </div> <table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;width:80%;"> <tr style="height:14px;"> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Company</div> </td> <td style="padding-bottom:2px;vertical-align:top;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Vessel name</div> </td> <td style="padding-bottom:2px;vertical-align:top;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Dwt</div> </td> <td style="padding-bottom:2px;text-align:center;vertical-align:top;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Flag State</div> </td> <td style="padding-bottom:2px;text-align:center;vertical-align:top;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Year Built</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Mustang Inc</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Mustang</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">317,975</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2018</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Bronco Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Bronco</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">317,975</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2018</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Colt Inc</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Colt</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">319,713</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2018</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Stallion Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Stallion</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">319,713</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2018</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Tiger Limited</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Tiger</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,629</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2017</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Puma Limited</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Puma</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,629</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2016</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Panther Limited</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Panther</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,629</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2016</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Lion Limited</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Lion</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,629</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2016</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Leopard Limited</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Leopard</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,629</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2016</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Jaguar Limited</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Jaguar</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,629</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2015</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Opal Inc</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Opal</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">320,105</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2012</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Samco Theta Ltd</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Sundarbans</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">314,249</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2012</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Samco Iota Ltd</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Taiga</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">314,249</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2012</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Peony Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Peony</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">320,013</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2011</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Lotus Inc</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Lotus</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">320,142</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2011</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Samco Eta Ltd</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Amazon</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">314,249</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">RIF</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2011</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Samco Kappa Ltd</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Redwood</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">314,249</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2011</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Edelweiss Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Edelweiss</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">301,021</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2008</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Samco Epsilon Ltd</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT China</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">317,794</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">RIF</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2007</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Samco Delta Ltd</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Europe</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">317,713</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">RIF</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2007</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Bauhinia Inc</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Bauhinia</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">301,019</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2007</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Hawk Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Hawk</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">298,923</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2007</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Samco Gamma Ltd</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Scandinavia</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">317,826</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2006</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Falcon Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Falcon</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">298,971</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2006</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Lake Inc</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Lake</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">298,564</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2004</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Raven Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Raven</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">298,563</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2004</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Condor, Inc.</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Condor</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">320,050</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2004</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Eagle, Inc.</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Eagle **</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">309,064</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2002</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Utah, Inc</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Utah **</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,498</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2001</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Utik, Inc</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Utik **</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">299,450</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">IOM</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2001</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Chris Tanker Corporation</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Chris ***</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">309,285</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2001</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Ann Tanker Corporation</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Ann ****</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">309,327</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2001</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT Phoenix, Inc.</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Phoenix *****</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">307,151</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Hong Kong</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1999</div> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Cathy Tanker Corporation</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Cathy*</div> </td> <td style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">115,000</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Marshall Islands</div> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#ffffff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2004</div> </td> </tr> <tr> <td style="background-color:#cceeff;vertical-align:top;width:31.98%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Sophie Tanker Corporation</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:21.48%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">DHT Sophie*</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:13.53%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">115,000</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:18.93%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Marshall Islands</div> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;text-align:center;vertical-align:top;width:14.08%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2003</div> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Vessels and time charter contracts</div> <div style="text-align:center;"><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Vessels</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Drydock</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Scrubbers</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Time charter</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">contracts</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom:#000000 2px solid;text-align:center;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Total</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cost</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of January 1, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,767,117</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">36,441</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,600</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,810,158</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:16px;"> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Additions</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">113</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">7,695</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">7,566</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">15,373</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred from vessels under construction</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">325,004</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,800</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">5,086</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">336,890</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred to asset held for sale</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Disposals</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(84,848</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(6,117</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(90,965</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2018</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,007,385</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">44,818</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">12,652</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,600</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,071,456</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Accumulated depreciation and impairment</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of January 1, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(359,066</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,731</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,215</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(366,013</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Charge for the period</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(91,551</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(10,342</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(388</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(978</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(103,259</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Impairment charges</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,500</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,500</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred to asset held for sale</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Disposals</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">62,224</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,902</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">67,125</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:12px;"> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2018</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(391,894</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(9,171</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(388</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(4,193</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(405,647</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net book value</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:4px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,615,492</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">35,647</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">12,264</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,407</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,665,810</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cost</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of January 1, 2017</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,534,496</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">27,632</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,600</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,568,729</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Additions</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">366,064</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">24,406</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">390,471</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred from vessels under construction</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">91,264</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,700</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">92,964</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred to asset held for sale</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(21,585</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(1,736</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(23,321</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Disposals</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(203,123</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(15,562</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(218,684</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,767,117</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">36,441</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,600</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,810,158</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Accumulated depreciation and impairment</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of January 1, 2017</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(384,520</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(4,451</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(2,237</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(391,209</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Charge for the period</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(84,893</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(10,497</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(978</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(96,367</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Impairment charges</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(8,540</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(8,540</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred to asset held for sale</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,014</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">556</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,570</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Disposals</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">116,873</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">10,661</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">127,534</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(359,066</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,731</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,215</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(366,013</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net book value</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:4px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2017</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,408,051</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">32,710</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,385</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:4px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,444,146</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 4px double;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Vessels under construction</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cost</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of January 1, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">114,759</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">114,759</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Additions</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">222,131</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">222,131</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred to vessels</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(336,890</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(336,890</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2018</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cost</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of January 1, 2017</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">43,638</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">43,638</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Additions</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">164,085</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">164,085</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       Transferred to vessels</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(92,964</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(92,964</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:40%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">       As of December 31, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">114,759</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">114,759</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Time charter contracts:</div> <div><br /> </div> <table align="center" border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:70%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:46%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:28%;">  </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Carrying amount</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Carrying amount</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:18px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:46%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td style="border-bottom:#000000 2px solid;vertical-align:bottom;white-space:nowrap;width:28%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Expected useful life</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:14px;"> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:46%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">DHT China charter</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:28%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:center;">Finite</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,407</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,385</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:46%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:28%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">2,407</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">3,385</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payable and accrued expenses consist of the following:</div> <div><br /> </div> <table align="center" border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:60%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payable</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">10,885</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">8,883</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accrued interest</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">5,460</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">3,026</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accrued voyage expenses</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">3,237</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2,274</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accrued employee compensation</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">3,043</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2,566</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Other*</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6,009</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">679</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total accounts payable and accrued expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">28,634</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">17,427</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Categories of financial instruments</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table align="center" border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:60%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="6" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Carrying amount   </div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Financial assets</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Cash and cash equivalents (1)(3)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">94,944</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">77,292</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:12px;"> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts receivable and accrued revenues (1)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">60,196</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">42,212</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">155,140</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">119,504</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Financial liabilities</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payables and accrued expenses (1)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">28,634</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">17,427</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Derivative financial liabilities, current (2)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,250</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">545</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Current portion long-term debt (1)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">93,815</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">65,053</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Long-term debt (1)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">873,460</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">721,151</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Derivative financial liabilities, non-current (2)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">4,486</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total financial liabilities</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,001,645</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">804,177</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">  </font></div> <font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">(1)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Amortized cost.</div> </td> </tr> </table> <font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">(2)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Fair value through profit or loss.</div> </td> </tr> </table> <font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;color:#000000;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">(3)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">Cash and cash equivalents include $638 thousand in restricted cash in 2018 and $322 thousand in 2017, including employee withholding tax.</div> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Derivatives - interest rate swaps</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr style="height:20px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:42%;"> </td> <td valign="bottom" style="padding-bottom:2px;text-align:right;vertical-align:bottom;width:10%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="6" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Notional amount</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="6" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Fair value</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Expires</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 3.315%, receive floating</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">Jun. 29, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">19,396</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">156</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 3.565%, receive floating</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Jun. 29, 2018</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">20,417</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">187</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 2.865%, receive floating</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Jun. 29, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">35,729</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">202</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 2.987%, receive floating</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Apr. 20, 2023</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">46,800</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">699</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 3.012%, receive floating</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Apr. 20, 2023</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">46,800</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">743</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 3.019%, receive floating</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Sept. 29, 2023</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">35,877</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">580</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 3.019%, receive floating</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Sept. 29, 2023</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">34,963</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">563</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 2.8715%, receive floating</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Jul. 24, 2023</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">51,400</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">606</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 2.8785%, receive floating</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Jun. 30, 2023</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">45,807</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">503</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 2.895%, receive floating</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Sept. 29, 2023</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">50,115</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">653</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 2.897%, receive floating</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Sept. 30, 2023</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">45,986</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">597</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Swap pays 3.020%, receive floating</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;">Sept. 29, 2023</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">44,301</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">793</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:42%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total carrying amount</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:top;width:10%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">402,049</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">75,542</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">5,736</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">545</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Interest-bearing debt</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Remaining</div> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="6" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Carrying amount</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Interest</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">notional</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Nordea Samco Credit Facility</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.50</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;">% </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">217,921</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Credit Agricole Credit Facility</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.19</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;">% </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">62,717</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">62,166</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">68,591</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Danish Ship Finance Credit Facility</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.25</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;">% </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">41,600</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">41,437</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">43,937</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Nordea/DNB Credit Facility</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.25</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;">% </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">44,647</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Nordea/DNB Credit Facility</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.75</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;">% </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">9,884</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">ABN Amro Credit Facility</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.60</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;">% </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">119,844</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Nordea BW VLCC Acquisition Credit Facility</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.40</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;">%</td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">258,483</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">254,870</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">183,119</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">ABN Amro Credit Facility</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">LIBOR + 2.40</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;">% </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">469,639</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">464,826</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Convertible Senior Notes due 2019</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4.50</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">32,860</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">32,009</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">98,262</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Convertible Senior Notes due 2021</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4.50</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">125,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">111,968</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total carrying amount</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">990,299</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">967,275</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">786,204</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">The table below details changes in liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Company's consolidated statement of cash flows as cash flows from financing activities.</font></div> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="10" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Non-cash changes</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">As of</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">January 1</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Financing cash</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">flows (1)</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Fair value</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">changes (2)</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Repurchase</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">convertible</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">notes</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Amortization</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Equity</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">component of</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">convertible notes</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Other</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">changes (3)</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">As of</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">December 31</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Bank loans</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">687,942</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">129,400</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,826</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">(869</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;">823,299</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td style="background-color:#ffffff;vertical-align:top;white-space:nowrap;width:20%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Convertible Senior Notes due 2019</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">98,262</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(74,644</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,188</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,613</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,589</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">32,009</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:20%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Convertible Senior Notes due 2021</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">38,945</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">74,644</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,545</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,165</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">111,968</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:20%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total (4)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">786,204</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">168,345</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">11,559</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(1,553</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">2,720</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">967,275</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:20%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:20%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">2017</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:20%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Bank loans</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">591,579</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">93,157</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;">-</td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,206</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">687,942</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:20%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Convertible Senior Notes due 2019</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">109,916</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(17,104</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,170</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,213</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(932</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;">98,262</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:11px;"> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:20%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total (4)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">701,495</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">93,157</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(17,104</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">7,375</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">2,213</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(932</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:right;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:7%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">786,204</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> </div> <font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">(1)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;">The cash flows from bank loans make up the net amount of issuance of long-term debt and repayment of long-term debt in the statement of cash flows. In 2018 the cash flows from the transaction related to the exchange of convertible senior notes due 2019 of $38.9 million consists of $41.6 million cash received upon issue, less transaction costs of $2.7 million.</div> </td> </tr> </table> <font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">(2)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;">Fair value changes reflects the loss arising from the exchange of the convertible senior notes due 2019 to convertible senior notes due 2021 below market fair value.</div> </td> </tr> </table> <font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">(3)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;">Other changes represents the (gain)/loss on extinguishment of debt, including previously capitalized fees.</div> </td> </tr> </table> <font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"></font> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td style="width:18pt;"></td> <td style="align:right;font-family:'Times New Roman';font-size:10pt;vertical-align:top;width:18pt;">(4)</td> <td style="text-align:left;vertical-align:top;width:auto;"> <div style="font-family:'Times New Roman';font-size:10pt;">The reconciliation does not include interest rate swaps, which are described in note 8.</div> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The carrying amount of financial assets represents the maximum credit exposure.  The maximum exposure to credit risk at the reporting dates was:</div> <div><br /> </div> <div><br /> </div> <table align="center" border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:60%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:74%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:74%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Cash and cash equivalents</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">94,944</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">77,292</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:74%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts receivable and accrued revenues</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">60,196</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">42,212</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:74%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Maximum credit exposure</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">155,140</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">119,504</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The following are contractual maturities of financial liabilities, including estimated interest payments on an undiscounted basis.  Swap payments are the net effect from paying fixed rate/ receive LIBOR.  The LIBOR interest spot rate at December 31, 2018 (and spot rate at December 31, 2017 for comparatives) is used as a basis for preparation.</div> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="font-weight:normal;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"> </div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2 to 5</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">More than</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr style="height:18px;"> <td valign="bottom" style="font-style:normal;padding-bottom:2px;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">1 year</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">years</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">5 years</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Total</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">As of December 31, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest bearing loans</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">146,574</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">723,031</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">307,692</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,177,298</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest rate swaps</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">593</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,832</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,424</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">147,167</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">724,863</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">307,692</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,179,722</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;width:52%;"> </td> <td valign="bottom" style="vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">As of December 31, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest bearing loans</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">91,232</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">636,059</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">130,148</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">857,439</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest rate swaps</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">550</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">550</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:52%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">91,782</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">636,059</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">130,148</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">857,989</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Stockholders' equity:</div> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands, except per share data)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Common stock</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Preferred stock</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Issued at December 31, 2016</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">93,433,804</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Restricted stock issued</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,259,208</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">New shares issued *</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">47,724,395</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Issued at December 31, 2017</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">142,417,407</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Restricted stock issued</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,175,136</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Retirement of treasury shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(892,497</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#ffffff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Issued at December 31, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">142,700,046</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="background-color:#cceeff;vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Par value</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.01</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.01</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Shares to be issued assuming conversion of convertible notes due 2019**</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6,562,001</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Shares to be issued assuming conversion of convertible notes due 2021**</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">29,761,913</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Number of shares authorized for issue at December 31, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">250,000,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Dividend payment:</div> <div><br /> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:80%;"> <tr style="height:19px;"> <td valign="bottom" style="vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Dividend payment as of December 31, 2018:</div> </td> <td valign="bottom" style="vertical-align:bottom;width:8.97%;"> </td> <td valign="bottom" style="vertical-align:bottom;width:2.11%;"> </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:107px;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Per share</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Payment date:</div> </td> <td style="border-bottom:#000000 2px solid;vertical-align:bottom;white-space:nowrap;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Total payment</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:2.11%;"> </td> <td colspan="2" style="border-bottom:#000000 2px solid;vertical-align:bottom;width:107px;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Common</div> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">February 28, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 2.9 million</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.02</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">May 30, 2018</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 2.9 million</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.02</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr style="height:16px;"> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">August 31, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 2.9 million</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.02</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">November 23, 2018</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 2.9 million</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.02</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr style="height:14px;"> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total payment as of December 31, 2018:</div> </td> <td style="background-color:#cceeff;border-bottom:#000000 2px solid;vertical-align:top;white-space:nowrap;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">$ 11.5 million</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">0.08</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:79%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:8.97%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:8.97%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Dividend payment as of December 31, 2017:</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Payment date:</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:8.97%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:8.97%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">February 22, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 7.6 million</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.08</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">May 31, 2017</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 10.1 million</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.08</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">August 31, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 2.8 million</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.02</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">December 6, 2017</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 2.8 million</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.02</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total payment as of December 31, 2017:</div> </td> <td style="background-color:#cceeff;border-bottom:#000000 2px solid;vertical-align:top;white-space:nowrap;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">$ 23.3 million</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">0.20</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:79%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:8.97%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:8.97%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Dividend payment as of December 31, 2016:</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Payment date:</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:8.97%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:8.97%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">February 24, 2016</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 19.7 million</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.21</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">May 25, 2016</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 23.3 million</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.25</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">August 31, 2016</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 21.5 million</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.23</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr style="height:13px;"> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">November 23, 2016</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;vertical-align:top;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">$ 1.9 million</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.02</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:79%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total payment as of December 31, 2016:</div> </td> <td style="background-color:#cceeff;border-bottom:#000000 2px solid;vertical-align:top;white-space:nowrap;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">$ 66.4 million</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:2.11%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:8.97%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">0.71</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;padding-bottom:2px;text-align:left;vertical-align:bottom;width:0.98%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">General and Administrative Expenses:</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:80%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Total Compensation to Employees and Directors</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">11,289</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">11,655</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">15,998</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Office and Administrative Expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2,449</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2,147</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2,213</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:12px;"> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Audit, Legal and Consultancy</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,314</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">3,377</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,180</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total General and Administrative Expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">15,052</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">17,180</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">19,391</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Stock Compensation Series</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:67%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Number of</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">shares/options</div> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom:2px;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Vesting</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Period</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Fair value</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">at grant date</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:13px;"> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(1) Granted October 2005, stock options</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">965</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:right;">10 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">144.00</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(2) Granted March 2012, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">14,515</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">13.80</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(3) Granted June 2013, restricted shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">155,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4.15</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(4) Granted June 2013, stock options</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">155,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">5 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1.31</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(5) Granted June 2013, stock options</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">155,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">5 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">0.97</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(6) Granted February 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">29,333</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6.92</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(7) Granted February 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">29,333</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6.33</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(8) Granted February 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">29,333</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">5.63</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(9) Granted February 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">88,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">7.61</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(10) Granted June 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">95,666</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6.41</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(11) Granted June 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">95,666</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">5.74</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(12) Granted June 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">95,666</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">5.13</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(13) Granted June 2014, restricted shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">287,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">7.15</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(14) Granted January 2015, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">850,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">8.81</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(15) Granted January 2016, restricted shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">824,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2 years</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6.65</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(16) Granted January 2017, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">900,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4.61</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(17) Granted January 2018, restricted shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">355,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1 year</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3.92</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:67%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(18) Granted January 2018, restricted shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">212,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:top;width:9.17%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3 years</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2.30</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">The following reconciles the number of outstanding restricted common stock and share options:</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;width:63%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Restricted</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">common stock</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Share options</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Weighted average</div> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">exercise price **</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Outstanding at December 31, 2015</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,385,832</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">310,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">9.64</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Granted</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">824,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Exercised*</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">833,012</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Forfeited</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Outstanding at December 31, 2016</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,376,820</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">310,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">9.64</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Outstanding at December 31, 2016</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,376,820</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">310,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">9.64</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Granted</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">900,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Exercised*</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,132,988</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Forfeited</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">57,501</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Outstanding at December 31, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,086,331</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">310,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">9.64</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Outstanding at December 31, 2017</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,086,331</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">310,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">9.64</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Granted</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">567,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Exercised*</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,085,331</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Forfeited</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">22,500</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">310,000</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">9.64</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:63%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Outstanding at December 31, 2018</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">545,500</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">Stock Compensation Expense</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;font-weight:bold;"><br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Expense recognized from stock compensation</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2,458</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">4,806</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6,936</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Remuneration of Executives and Directors as a group:</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr style="height:14px;"> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Cash compensation</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,989</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,171</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,162</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Pension cost</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">202</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">155</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">158</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Share compensation *</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,250</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,107</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,227</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total remuneration</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">6,441</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">8,433</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">10,547</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Shares held by Executives and Directors:</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Executives and Directors as a group*</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,155,503</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,729,680</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,416,385</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Calculation of this year's pension costs:</div> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr style="height:17px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;font-weight:bold;text-align:right;vertical-align:top;">2018</td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;font-weight:bold;text-align:right;vertical-align:top;">2017</td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;font-weight:bold;text-align:right;vertical-align:top;"> 2016</td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr style="height:17px;"> <td valign="bottom" style="vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Current service cost</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">403</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">329</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">344</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Financial costs</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">10</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">6</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Pension costs for the year</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">413</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">335</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">350</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">The amounts recognised in the statement of financial position at the reporting date are as follows:</div> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Present value of the defined benefit obligation</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,971</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,481</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,128</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Fair value of plan assets</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,614</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,266</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">963</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net pension obligation</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">357</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">215</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">165</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Remeasurement loss</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">182</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">211</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">60</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net balance sheet recorded pension liability December 31</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">539</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">425</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">225</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;vertical-align:top;"> <div style="text-align:left;"><u>Change in gross pension obligation:</u></div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Gross obligation January 1</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,708</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,111</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">945</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Current service cost</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">398</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">325</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">360</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest charge on pension liabilities</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">42</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">31</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">27</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Past service cost - curtailment/plan amendment</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(19</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Settlement (gain)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(128</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Social security expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(57</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(44</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(48</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Remeasurements loss/(gain)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">119</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">227</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(18</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Exchange rate differences</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(119</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">58</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(8</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Gross pension obligation December 31</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">2,090</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,708</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,111</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;vertical-align:top;"> <div style="text-align:left;"><u>Change in gross pension assets:</u></div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Fair value plan asset January 1</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,282</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">886</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">744</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest income</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">27</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">20</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">17</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Settlement</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(128</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Employer contribution</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">404</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">313</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">338</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Remeasurements (loss)/gain</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(63</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">16</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(79</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Exchange rate differences</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(99</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">47</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(7</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Fair value plan assets December 31</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,551</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,282</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">886</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The Company expects to contribute $345 thousand to its defined benefit pension plan in 2019.</div> <div> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr style="height:12px;"> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Assumptions</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Discount rate</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.60</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.40</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.60</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Yield on pension assets</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.60</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.40</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.60</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Wage growth</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.75</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.50</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.50</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">G regulation*</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.50</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.25</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">2.25</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Pension adjustment</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.80</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.50</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">0.00</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">%</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Average remaining service period</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">18</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">18</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">19</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Specification of income tax:</div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:top;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Income tax payable</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">74</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">132</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">100</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Tax expenses related to previous year</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">8</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(10</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Change in deferred tax</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">8</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(8</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Total income tax expense</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">83</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">131</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">95</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Specification of temporary differences and deferred tax:</div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Property, plant and equipment</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(164</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(164</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(89</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Pensions</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(539</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(425</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(225</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Total basis for deferred tax</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(703</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(590</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(314</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Deferred tax liability <sup>1)   2)</sup></div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(155</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(136</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(75</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> </table> <div> </div> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> <sup>1)</sup> Due to materiality, not recognized on a separate line in the statements of financial position.</div> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"><sup>2)</sup> The general income tax rate is reduced from 23% to 22%, effective from fiscal year 2019, reduced from 24% to 23%, effective from fiscal year 2018 and reduced from 25% to 24%, effective from fiscal year 2017. </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Reconciliation of effective tax rate:</div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:right;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/(loss) before income tax</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(46,845</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,733</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">9,354</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Expected income tax assessed at the tax rate for the Parent company (0%)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Adjusted for tax effect of the following items:</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">   Income in subsidiary, subject to income tax</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">83</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">131</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">95</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:12px;"> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Total income tax expense</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">83</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">131</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">95</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Note 15 - Investment in associate company</div> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Investment in associate company</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,388</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,992</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Details of associate are as follows:</div> <div><br /> </div> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr style="height:18px;"> <td style="border-bottom:#000000 2px solid;vertical-align:bottom;width:28%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Name of associate</div> </td> <td style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:bottom;width:28%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Principal activities</div> </td> <td style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:bottom;width:20%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Place of incorporation and business</div> </td> <td style="padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td colspan="3" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Effective equity interest</div> </td> </tr> <tr> <td style="padding-bottom:2px;vertical-align:top;width:28%;"> </td> <td style="padding-bottom:2px;vertical-align:top;width:1%;"> </td> <td style="padding-bottom:2px;vertical-align:top;width:28%;"> </td> <td style="padding-bottom:2px;vertical-align:top;width:1%;"> </td> <td style="padding-bottom:2px;vertical-align:top;width:20%;"> </td> <td style="padding-bottom:2px;vertical-align:top;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td style="padding-bottom:2px;vertical-align:top;width:1%;"> </td> <td style="border-bottom:#000000 2px solid;vertical-align:top;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> </tr> <tr style="height:14px;"> <td style="background-color:#cceeff;vertical-align:top;width:28%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Goodwood Ship Management Pte. Ltd.</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:28%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:center;">Ship management</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:20%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:center;">Singapore</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">50%</div> </td> <td style="background-color:#cceeff;vertical-align:top;width:1%;"> </td> <td style="background-color:#cceeff;vertical-align:top;width:10%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:right;">50%</div> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">The following summarizes the share of profit of the associate that are accounted for using the equity method:</div> <div><br /> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Company's share of</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">  - Profit after taxation</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">858</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">802</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">  - Other comprehensive income for the year, net of tax</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(53</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">193</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">  - Total comprehensive income for the year</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">805</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">995</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><u>(Dollars in thousands)</u></font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">ASSETS</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Current assets</div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Cash and cash equivalents</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">17,783</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">11,540</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts receivable and prepaid expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">374</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">249</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Deposit for vessel acquisition</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">114,759</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Amounts due from related parties</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">36,216</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">7,992</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total current assets</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">54,372</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">134,540</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Investments in subsidiaries</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">468,941</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">521,801</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Loan to subsidiaries</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">563,349</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">481,012</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Investment in associate company</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">201</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">201</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total non-current assets</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,032,491</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,003,014</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total assets</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,086,864</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,137,555</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">LIABILITIES AND STOCKHOLDERS' EQUITY</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Current liabilities</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payable and accrued expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">3,733</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,454</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Current portion long-term debt</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">32,009</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total current liabilities</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">35,742</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,454</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Non-current liabilities</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Long-term debt</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">111,968</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">98,262</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total non-current liabilities</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">111,968</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">98,262</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total liabilities</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">147,710</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">99,716</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Stockholders' equity</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Stock</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,427</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,424</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Treasury shares</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(1,364</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Paid-in additional capital</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,097,099</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,096,793</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;">Accumulated deficit</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(158,009</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">(60,379</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total stockholders equity</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">939,154</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;">1,037,838</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total liabilities and stockholders' equity</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,086,864</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;">1,137,555</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">INCOME STATEMENT</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Revenues</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,770</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Impairment charge</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(93,452</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(4,948</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(18,132</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Dividend income</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">9,909</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">25,415</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">16,900</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">General and administrative expense</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(13,735</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(13,764</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(14,525</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Operating income/(loss)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(97,279</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,703</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(8,987</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest income</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">24,893</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">21,798</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">14,559</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Interest expense</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(10,341</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(9,229</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(11,494</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Other financial income/(expenses)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,416</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,020</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">693</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Profit/(loss) for the year</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(86,143</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">20,293</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(5,228</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;margin-left:5.75pt;text-align:center;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Statement of Comprehensive Income</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/(loss) for the year</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(86,143</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">20,293</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(5,228</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Other comprehensive income/(loss):</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Items that will not be reclassified subsequently to profit or loss:</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Items that may be reclassified subsequently to profit or loss:</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Total comprehensive income/(loss) for the period</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(86,143</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">20,293</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(5,228</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Attributable to the owners</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(86,143</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">20,293</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">(5,228</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;">)</div> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">CASH FLOW</font></div> <div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cash Flows from Operating Activities:</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/(loss) for the year</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(86,143</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">20,293</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(5,228</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Items included in net income not affecting cash flows:</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Amortization</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,733</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,170</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,982</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Impairment charge</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">93,452</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,948</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">18,132</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Compensation related to options and restricted stock</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">663</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,948</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">7,365</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">(Gain)/loss purchase convertible bond</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">3,589</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(1,035</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">Changes in operating assets and liabilities:</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr style="height:18px;"> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts receivable and prepaid expenses</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(125</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">4,305</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(4,148</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Accounts payable and accrued expenses</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">2,279</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(291</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(148</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Amounts due to related parties</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(72,365</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">11,782</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">122,401</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net cash (used in)/provided by operating activities</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(53,917</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">49,119</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">143,357</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cash flows from Investing Activities</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Investments in subsidiaries</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(1,022</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Loan to subsidiaries</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">58,990</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">82,814</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(63,985</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Investment in vessels under construction</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(21,263</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(86,004</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(32,219</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net cash provided by/(used in) investing activities</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">37,727</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(3,191</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(97,227</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cash flows from Financing Activities</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Cash dividends paid</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(11,487</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(23,328</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(66,365</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Purchase of treasury shares</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(5,026</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(2,031</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Issuance of convertible bonds</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">38,945</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Purchase of convertible bonds</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">-</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(17,104</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(25,334</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Net cash provided by/(used in) financing activities</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">22,432</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(40,431</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(93,731</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Net increase/(decrease) in cash and cash equivalents</div> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,242</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">5,497</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(47,602</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Cash and cash equivalents at beginning of period</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">11,540</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,043</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">53,645</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;">Cash and cash equivalents at end of period</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">17,783</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">11,540</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,043</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:left;"><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;">Profit/(Loss) Reconciliation<br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">Jan. 1 - Dec. 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;"> </div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:top;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/(loss) of the parent company only under cost method off accounting</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(86,143</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">20,293</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(5,228</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Additional profit/(loss) if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">39,014</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(13,664</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">14,467</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:64%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Profit/(loss) of the parent company only under equity method of accounting</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(47,128</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">6,628</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">9,239</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div><font style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;"><font style="font-weight:bold;">Equity Reconciliation</font><br /> </font></div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman';font-size:10pt;width:100%;"> <tr> <td valign="bottom" style="vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;">(Dollars in thousands)</div> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom:2px;vertical-align:top;"> <div style="font-family:'Times New Roman';font-size:10pt;font-style:italic;text-align:left;"> </div> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2018</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> <td valign="bottom" style="padding-bottom:2px;vertical-align:bottom;"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;vertical-align:bottom;"> <div style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;">2017</div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;vertical-align:top;width:76%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Equity of the parent company only under cost method of accounting</div> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">939,154</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,037,838</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> <tr> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Additional profit if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting</div> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">22,762</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">(16,253</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#ffffff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">)</div> </td> </tr> <tr> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:top;width:76%;"> <div style="font-family:'Times New Roman';font-size:10pt;text-align:left;">Equity of the parent company only under equity method of accounting</div> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">961,915</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;padding-bottom:2px;vertical-align:bottom;width:1%;"> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> <div style="font-family:'Times New Roman';font-size:10pt;">$</div> </td> <td valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:right;vertical-align:bottom;width:9%;"> <div style="font-family:'Times New Roman';font-size:10pt;">1,021,586</div> </td> <td nowrap="nowrap" valign="bottom" style="background-color:#cceeff;border-bottom:#000000 2px solid;text-align:left;vertical-align:bottom;width:1%;"> </td> </tr> </table>
8271000
-7437000
-1633000
1888000
68467000
34775000
0
1888000
602000
-815000
29236000
16613000
6036000
-4734000
-279347000
-226821000
834000
-468000
1302000
376776000
161423000
-45625000
-1302000
834000
255000
213000
0
45625000
26255000
0
-8021000
53985000
64462000
100310000
118997000
311480000
254742000
234646000
0
0
2366000
375941000
355052000
356010000
Time charter with profit sharing
Q4 2021
Spot
Spot
Time charter with profit sharing
Q2 2021
Spot
Spot
Time charter with profit sharing
Q1 2019
Time charter with profit sharing
Q1 2022
Spot
Spot
Spot
Spot
Spot
Spot
Time charter with profit sharing
Q1 2019
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot
34044000
36837000
26293000
154000
97327000
-46927000
6602000
9260000
-46927000
6602000
9260000
5311000
6853000
DHT Mustang
317975
Hong Kong
2018
DHT Bronco
317975
Hong Kong
2018
DHT Colt
319713
IOM
2018
DHT Stallion
319713
IOM
2018
DHT Tiger
299629
Hong Kong
2017
DHT Puma
299629
Hong Kong
2016
DHT Panther
299629
Hong Kong
2016
DHT Lion
299629
Hong Kong
2016
DHT Leopard
299629
Hong Kong
2016
DHT Jaguar
299629
Hong Kong
2015
DHT Opal
320105
IOM
2012
DHT Sundarbans
314249
Hong Kong
2012
DHT Taiga
314249
Hong Kong
2012
DHT Peony
320013
IOM
2011
DHT Lotus
320142
IOM
2011
DHT Amazon
314249
RIF
2011
DHT Redwood
314249
Hong Kong
2011
DHT Edelweiss
301021
Hong Kong
2008
DHT China
317794
RIF
2007
DHT Europe
317713
RIF
2007
DHT Bauhinia
301019
IOM
2007
DHT Hawk
298923
Hong Kong
2007
DHT Scandinavia
317826
Hong Kong
2006
DHT Falcon
298971
Hong Kong
2006
DHT Lake
298564
IOM
2004
DHT Raven
298563
IOM
2004
DHT Condor
320050
Hong Kong
2004
DHT Eagle
309064
Hong Kong
2002
DHT Utah
299498
IOM
2001
DHT Utik
299450
IOM
2001
DHT Chris
309285
Hong Kong
2001
DHT Ann
309327
Hong Kong
2001
DHT Phoenix
307151
Hong Kong
1999
DHT Cathy
115000
Marshall Islands
2004
DHT Sophie
115000
Marshall Islands
2003
2071456000
1810158000
1568729000
15373000
390471000
336890000
92964000
0
-23321000
-90965000
-218684000
405647000
366013000
391209000
-103259000
-96367000
-3500000
-8540000
0
2570000
-67125000
-127534000
2007385000
1767117000
1534496000
113000
366064000
325004000
91264000
0
-21585000
-84848000
-203123000
391894000
359066000
384520000
-91551000
-84893000
-3500000
-8540000
0
2014000
-62224000
-116873000
1615492000
1408051000
44818000
36441000
27632000
7695000
24406000
6800000
1700000
0
-1736000
-6117000
-15562000
9171000
3731000
4451000
-10342000
-10497000
0
556000
-4902000
-10661000
35647000
32710000
12652000
0
0
7566000
0
5086000
0
388000
0
0
-388000
0
12264000
0
6600000
6600000
6600000
4193000
3215000
2237000
-978000
-978000
2407000
3385000
114759000
43638000
222131000
164085000
-336890000
-92964000
0
114759000
2407000
3385000
2407000
3385000
10885000
8883000
5460000
3026000
3237000
2274000
3043000
2566000
6009000
679000
28634000
17427000
155140000
119504000
1001645000
804177000
0.03315
19396000
156000
0.03565
20417000
187000
0.02865
35729000
202000
0.02987
46800000
699000
0.03012
46800000
743000
0.03019
35877000
580000
0.03019
34963000
563000
0.028715
51400000
606000
0.028785
45807000
503000
0.02895
50115000
653000
0.02897
45986000
597000
0.03020
44301000
793000
402049000
75542000
5736000
545000
LIBOR+2.5%
0
0
217921000
LIBOR+2.19%
62717000
62166000
68591000
LIBOR+2.25%
41600000
41437000
43937000
LIBOR+2.25%
0
0
44647000
LIBOR+2.75%
0
0
9884000
LIBOR+2.6%
0
0
119844000
LIBOR+2.40
258483000
254870000
183119000
LIBOR+2.4%
469639000
464826000
0.045
32860000
32009000
98262000
0.045
125000000
111968000
990299000
967275000
786204000
823299000
687942000
591579000
129400000
93157000
6826000
3206000
-869000
0
32009000
98262000
109916000
0
-17104000
-74644000
0
3188000
4170000
1613000
2213000
3589000
-932000
111968000
0
0
38945000
0
74644000
0
1545000
0
-3165000
0
967275000
786204000
701495000
168345000
93157000
0
-17104000
11559000
7375000
-1553000
2213000
2720000
-932000
94944000
77292000
60196000
42212000
155140000
119504000
146574000
91232000
723031000
636059000
307692000
130148000
1177298000
857439000
593000
550000
1832000
0
0
0
2424000
550000
147167000
91782000
724863000
636059000
307692000
130148000
1179722000
857989000
142700046
142417407
93433804
1175136
1259208
-892497
0
47724395
0.01
0.01
6562001
29761913
250000000
2900000
2900000
2900000
2900000
2800000
2800000
10100000
7600000
1900000
21500000
23300000
19700000
11500000
23300000
66400000
0.02
0.02
0.02
0.02
0.02
0.02
0.08
0.08
0.02
0.23
0.25
0.21
0.08
0.20
0.71
11289000
11655000
15998000
2449000
2147000
2213000
1314000
3377000
1180000
15052000
17180000
19391000
965
10 years
144.00
14515
3 years
13.80
155000
4 years
4.15
155000
5 years
1.31
155000
5 years
0.97
29333
3 years
6.92
29333
3 years
6.33
29333
3 years
5.63
88000
3 years
7.61
95666
3 years
6.41
95666
3 years
5.74
95666
3 years
5.13
287000
3 years
7.15
850000
3 years
8.81
824000
2 years
6.65
900000
2 years
4.61
355000
1 year
3.92
212000
3 years
2.30
545500
1086331
1376820
1385832
567000
900000
824000
-1085331
-1132988
-833012
22500
57501
0
0
310000
310000
310000
0
0
0
9.64
9.64
9.64
0
0
2458000
4806000
6936000
3989000
4171000
4162000
202000
155000
158000
2250000
4107000
6227000
6441000
8433000
10547000
3155503
2729680
2416385
403000
329000
344000
10000
6000
6000
413000
335000
350000
1971000
1481000
1128000
1614000
1266000
963000
357000
215000
165000
182000
211000
60000
539000
425000
225000
2090000
1708000
1111000
945000
398000
325000
360000
42000
31000
27000
19000
-128000
-57000
-44000
-48000
119000
227000
-18000
-119000
58000
-8000
1282000
886000
744000
27000
20000
17000
-128000
404000
313000
338000
-63000
16000
-79000
-99000
47000
-7000
1551000
1282000
886000
345000
0.0260
0.0240
0.0260
0.0260
0.0240
0.0260
0.0275
0.0250
0.0250
0.0250
0.0225
0.0225
0.0080
0.0050
0.0000
18
18
19
74000
132000
100000
1000
8000
-10000
8000
-8000
4000
-164000
-164000
-89000
-539000
-425000
-225000
-703000
-590000
-314000
-155000
-136000
-75000
-46845000
6733000
9354000
83000
131000
95000
Goodwood Ship Management Pte. Ltd.
Ship management
Singapore
0.50
0.50
-53000
193000
805000
995000
0
20762000
28634000
17427000
17783000
11540000
374000
249000
0
114759000
36216000
7992000
54372000
134540000
468941000
521801000
563349000
481012000
201000
201000
1032491000
1003014000
1086864000
1137555000
3733000
1454000
32009000
0
35742000
1454000
111968000
98262000
111968000
98262000
147710000
99716000
1427000
1424000
-1364000
0
1097099000
1096793000
-158009000
-60379000
939154000
1037838000
1086864000
1137555000
75000
-3540000
138000
4943000
-443000
40000
0
0
6770000
-93452000
-4948000
-18132000
-9909000
-25415000
-16900000
13735000
13764000
14525000
-97279000
6703000
-8987000
24893000
21798000
14559000
10341000
-9229000
11494000
3416000
-1020000
-693000
-86143000
20293000
-5228000
-86143000
20293000
-5228000
-86143000
20293000
-5228000
3589000
-1035000
0
577685000
200452000
219248000
86143000
-20293000
5228000
4733000
4170000
4982000
93452000
4948000
18132000
663000
4948000
7365000
3589000
-1035000
0
125000
-4305000
4148000
-2279000
291000
148000
72365000
-11782000
-122401000
-53917000
49119000
143357000
0
0
-1022000
58990000
82814000
-63985000
-21263000
-86004000
-32219000
37727000
-3191000
-97227000
11487000
23328000
66365000
-5026000
0
-2031000
17104000
25334000
38945000
22432000
-40431000
-93731000
6242000
5497000
-47602000
6043000
53645000
-86143000
20293000
39014000
-13664000
-47128000
6628000
939154000
1037838000
22762000
-16253000
961915000
1021586000
7100000
0.05
Revenue in accordance with IAS 17 Leases
2018 revenue is presented in accordance with IFRS 15 Revenue from Contracts with Customers. The comparative information has not been restated.
DHT Sophie and DHT Cathy were sold to one buyer in October 2018. Both vessels were delivered to buyer during fourth quarter 2018.
The DHT Eagle, DHT Utah and DHT Utik were sold to one buyer in November 2017. The DHT Eagle and DHT Utah were delivered to the buyer during the fourth quarter of 2017 and the DHT Utik was delivered to the buyer in January 2018.
The DHT Chris was sold and delivered to new owners in January 2017
The DHT Ann was sold and delivered to new owners in May 2017.
The DHT Phoenix was sold and delivered to new owners in June 2017.
Other includes accrued OPEX and accrued CAPEX in 2018
Amortized cost.
Fair value through profit or loss.
Cash and cash equivalents include $638 thousand in restricted cash in 2018 and $322 thousand in 2017, including employee withholding tax.
The cash flows from bank loans make up the net amount of issuance of long-term debt and repayment of long-term debt in the statement of cash flows. In 2018 the cash flows from the transaction related to the exchange of convertible senior notes due 2019 of $38.9 million consists of $41.6 million cash received upon issue, less transaction costs of $2.7 million.
Fair value changes reflects the loss arising from the exchange of the convertible senior notes due 2019 to convertible senior notes due 2021 below market fair value.
Other changes represents the (gain)/loss on extinguishment of debt, including previously capitalized fees.
The reconciliation does not include interest rate swaps, which are described in note 8.
On March 23, 2017, we announced that we entered into the VAA, to acquire nine VLCCs and newbuild contracts for two VLCCs due for delivery in 2018 from BW Group, in exchange for aggregate cash consideration in an amount equal to $177,360,000 and an aggregate equity consideration consisting of 32,024,395 shares of the Company's common stock and 15,700 shares of the Series D Preferred Stock. Subsequent to the conversion of each share of the Series D Preferred Stock into 1,000 shares of Company common stock in 2017, a total of 47,724,395 shares of common stock were issued.
Assuming the maximum fundamental change conversion rate.
Does not include shares in lieu of dividends.
To be adjusted for dividends declared and paid subsequent to the respective grant dates.
Share compensation reflects the expense recognized.
Compensation for 2018 includes full year compensation for both current and former chief financial officer.
Includes 465,000 (2017: 906,666, 2016: 1,184,155) shares of restricted stock subject to vesting conditions.
Increase of social security base amount ('G') as per Norwegian regulations.
Due to materiality, not recognized on a separate line in the statements of financial position.
The general income tax rate is reduced from 23% to 22%, effective from fiscal year 2019, reduced from 24% to 23%, effective from fiscal year 2018 and reduced from 25% to 24%, effective from fiscal year 2017.