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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Business combinations</div><div> </div><div>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> </div><div>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> </div><div>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> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Fair Value Measurement</div><div> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Financial assets – receivables</div><div> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Financial liabilities</div><div> </div><div>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> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; font-weight: bold;">(a)</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">Other financial liabilities</div></td></tr></table><div> </div><div>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> </div><div>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> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(b)</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">Derivatives</div></td></tr></table><div> </div><div>The Company uses interest rate swaps to convert part of the interest-bearing debt from floating to fixed rate.</div><div> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Foreign currency</div><div> </div><div>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 fluctuates 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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Impairment of vessels</div><div> </div><div>The carrying amounts of vessels held and used are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable.  An asset’s recoverable amount is the higher of an asset’s or cash generating unit’s (“CGU”) fair value less cost of disposal based on third-party broker valuations and its value in use and is determined for each individual asset, unless the asset does not generate cash inflows that are largely independent of those other assets or groups of assets.  The Company views each vessel as a separate CGU.  Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.  Such impairment is recognized in the income statement.  In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.</div><div> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Investments in associates</div><div> </div><div>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> </div><div>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> </div><div>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> </div><div>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> </div><div>After application of the equity method, the Company determines whether it is necessary to recognize an impairment loss.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Leases</div><div> </div><div>Effective from January 1, 2019, the Company adopted the new accounting standard IFRS 16 using the modified retrospective method. IFRS 16 introduced a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. The Company currently has one category of lease related to leased office space in Monaco, Singapore and Norway where the Company is a lessee.</div><div> </div><div>The Company assesses whether a contract is or contains a lease at inception of the contract. The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Company recognizes the lease payment as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.</div><div> </div><div>The lease liability is initially measured at present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate.</div><div> </div><div>Subsequently, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability (using an effective interest method) and by reducing the carrying amount to reflect the lease payments made.</div><div><div> </div><div>The Company remeasures the lease liability (and makes a corresponding adjustment to the related right –of-use asset) whenever:</div><div> </div><div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.</div></td></tr></table></div></div><div> </div><div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).</div></td></tr></table></div></div><div> </div><div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.</div></td></tr></table></div></div><div style="margin-left: 36pt;"><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="width: 18pt;"><div><br /></div></td><td style="width: 18pt; vertical-align: top;"><div>•</div></td><td style="width: auto; vertical-align: top; align: left;"><div>The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.</div></td></tr></table></div><div> </div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="width: 18pt;"><div><br /></div></td><td style="width: 18pt; vertical-align: top;"><div>•</div></td><td style="width: auto; vertical-align: top; align: left;"><div>Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.</div></td></tr></table></div><div>  <br /></div></div><div></div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Property, plant and equipment other than vessels</div><div> </div><div>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 asset’s 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 an asset’s 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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Revenue and expense recognition</div><div> </div><div>The Company recognizes revenue from the following major sources:</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt;"><br /></td><td style="width: 36pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>Revenue from time charters</div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt;"><br /></td><td style="width: 36pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>Revenue from spot charters</div></td></tr></table><div> </div><div>Revenues from time 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> </div><div>Effective from January 1, 2018, the Company adopted IFRS 15 <font style="font-style: italic;">Revenue from Contracts with Customers</font> using the modified retrospective method. The Company 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> </div><div>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> </div><div>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> </div><div>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.</div><div> </div><div>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> </div><div>Effective from January 1, 2019, the Company adopted IFRS 16 <font style="font-style: italic;">Leasing </font>using the modified retrospective method. IFRS 16 introduced a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. For vessels on time charters, where the company is a lessor, the time charter contract contains a lease component, which is the right to use the specified ship, and a non-lease component, which is the operation and maintenance of the ship. Technical management service components are accounted for in accordance with IFRS 15 and the lease components are accounted for in accordance with IFRS 16. The service elements are recognized as revenue as the service is being delivered (over time) and the timing of this coincides with timing of revenue recognized for the leasing element as per IFRS 16.</div><div> </div><div>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 it was earned in accordance with IFRS 16.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Segment information</div><div> </div><div>The Company has only one operating segment, and consequently does not provide segment information, except for the entity-wide disclosures required.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Stock Compensation</div><div> </div><div>Employees of the Company receive remuneration in the form of restricted common stock that is 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> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Taxes</div><div> </div><div>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> </div><div>The Monegasque management company, DHT Management S.A.M., is subject to taxation in Monaco, 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> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Related parties</div><div> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Cash and cash equivalents</div><div> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>The table below shows the amounts recognized in the consolidated statement of financial position as of December 31, 2019 after the adoption of IFRS 16, including additions in 2019:</div><div> </div><div style="font-weight: bold;">Amounts recognized in the consolidated statement of financial position</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 68%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Lease liability (Other non-current liabilities)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,241</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Lease liability (Other current liabilities)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>605</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Right-of-use asset (Other property, plant and equipment)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,808</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div>The table below shows the amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income as of December 31, 2019 after the adoption of IFRS 16:</div><div> </div><div style="font-weight: bold;">Consolidated income statement and consolidated statement of comprehensive income</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 78%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Year ended</div><div style="text-align: center; font-weight: bold;">December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Lease payment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>442</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Depreciation IFRS 16 (Depreciation and amortization expense)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(405</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">IFRS 16 interest expense (other financial expense)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(72</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr></table><div><br /></div><div>The table below shows the amounts recognized in the consolidated statement of cash flow and reconciliation of changes in liabilities incurred from financing activities:</div><div> </div><div style="font-weight: bold;">Consolidated statement of cash flow and reconciliation of changes in liabilities incurred from financing activities</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 78%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Year ended</div><div style="text-align: center; font-weight: bold;">December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 78%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Principal paid on the lease liability (Repayment principal element of lease liability)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(370</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr></table></div>
0.51
0.05
-0.33
0
24589370
0
0
133342
5311
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Stockholders’ equity:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands, except per share data)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Common stock</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; text-align: center;">Preferred stock</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Issued at December 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div>142,417,407</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Restricted stock issued</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255);"><div>1,175,136</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Retirement of treasury shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div>(892,497</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Issued at December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255);"><div>142,700,046</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Restricted stock issued</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div>790,571</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Conversion of convertible bonds</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255);"><div>4,390,025</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Retirement of treasury shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div>(1,061,241</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Issued at December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255);"><div>146,819,401</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Par value</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>0.01</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>0.01</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Shares to be issued assuming conversion of convertible notes due 2021*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>31,141,489</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Number of shares authorized for issue at December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>250,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr></table><div><br /></div><div><font style="background-color: #FFFFFF;">* Assuming the maximum fundamental change conversion rate.</font></div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div><font style="background-color: #FFFFFF;">The carrying amount of financial assets represents the maximum credit exposure.  The maximum exposure to credit risk at the reporting dates was:</font></div><div> </div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 56%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>67,356</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>94,944</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accounts receivable and accrued revenues</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>107,848</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>60,196</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Maximum credit exposure</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>175,204</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>155,140</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Note 13 – Pensions</font></div><div> </div><div>The Company is required to have an occupational pension scheme in accordance with Norwegian law on required occupational pensions (“lov om obligatorisk tjenestepensjon”) 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 12 participants in the benefit plan.</div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Defined benefit pension</font></div><div> </div><div><font style="background-color: #FFFFFF;">The Company established a defined benefit plan for qualifying employees in 2010.  Under the plan, the employees, from age 67, are entitled to 70% of their 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.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Calculation of this year’s pension costs:</font></div><div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 95%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td valign="bottom" style="width: 59%; vertical-align: bottom;"><div style="text-indent: -7.2pt; font-style: italic; margin-left: 7.2pt;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Calculation of this year’s pension costs:</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Current service cost</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>406</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>403</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>329</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Financial costs</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>14</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>10</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>6</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Pension costs for the year</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">420</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">413</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">335</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr></table><div> </div><div style="font-weight: bold;"><font style="background-color: rgb(255, 255, 255);">The amounts recognized in the statement of financial position at the reporting date are as follows:</font></div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 95%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td valign="bottom" style="width: 59%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Present value of the defined benefit obligation</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2,494</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,971</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,481</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Fair value of plan assets</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>1,788</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>1,614</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>1,266</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Net pension obligation</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">707</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">357</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">215</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Remeasurement loss/(gain)</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0);">(287</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0);">)</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>182</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>211</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Net balance sheet recorded pension liability December 31</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">420</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">539</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">425</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 59%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr></table><div>  </div></div><table border="0" cellpadding="0" cellspacing="0" style="width: 95%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">Change in gross pension obligation:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Gross obligation January 1</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">2,090</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">1,708</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">1,111</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 59%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Current service cost</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">401</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">398</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">325</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest charge on pension liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">54</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">42</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 59%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Past service cost - curtailment/plan amendment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Settlement (gain)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Social security expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">(31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">(57</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">(44</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Remeasurements loss/(gain)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">(1,055</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">119</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">227</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exchange rate differences</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(21</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(119</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">58</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Gross pension obligation December 31</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">1,439</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">2,090</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">1,708</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="width: 95%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">Change in gross pension assets:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Fair value plan asset January 1</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">1,551</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">1,282</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">886</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest income</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">36</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">27</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Settlement</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Employer contribution</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">216</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">404</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">313</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Remeasurements (loss)/gain</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(768</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(63</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">16</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exchange rate differences</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(16</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(99</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">47</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 59%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Fair value plan assets December 31</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,551</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,282</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr></table><div><br /></div><div><font style="background-color: #FFFFFF;">The Company expects to contribute $228 thousand to its defined benefit pension plan in 2020.</font></div><div><font style="background-color: #FFFFFF;"><br /></font></div><div><table cellpadding="0" cellspacing="0" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Assumptions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Discount rate</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2.30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2.60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2.40</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Yield on pension assets</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>2.30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>2.60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>2.40</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>%</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Wage growth</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2.25</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2.75</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2.50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">G regulation*</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>2.00</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>2.50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>2.25</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>%</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Pension adjustment</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>0.50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>0.80</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>0.50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Average remaining service period</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>19</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>18</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>18</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr></table> </div><div><font style="background-color: #FFFFFF;">*Increase of social security base amount (“G”) as per Norwegian regulations.</font></div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Categories of financial instruments</font></div><div> </div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 56%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Carrying amount</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 56%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Financial assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash and cash equivalents <sup>(1)(3)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>67,356</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>94,944</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accounts receivable and accrued revenues <sup>(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div><div>107,848</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div><div>60,196</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>175,204</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>155,140</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Financial liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accounts payables and accrued expenses <sup>(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>23,998</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>28,634</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Derivative financial liabilities, current <sup>(2)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>4,320</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>1,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Current portion long-term debt <sup>(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>100,385</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>93,815</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Long-term debt <sup>(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>750,586</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>873,460</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Derivative financial liabilities, non-current <sup>(2)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>11,279</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>4,486</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total financial liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>890,569</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>1,001,645</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table><div><div><div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(1)</td><td style="width: auto; vertical-align: top;"><div>Amortized cost.</div></td></tr></table></div></div><div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(2)</td><td style="width: auto; vertical-align: top;"><div>Fair value through profit or loss.</div></td></tr></table></div></div><div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(3)</td><td style="width: auto; vertical-align: top;"><div>Cash and cash equivalents include $221 thousand in restricted cash in 2019 and $638 thousand in 2018, including employee withholding tax.</div></td></tr></table></div></div></div><div> </div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>The following table sets out the details of the Vessel Subsidiaries included in these consolidated financial statements:</div><div> </div><table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td style="width: 30%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Company</div></td><td style="width: 22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Vessel name</div></td><td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Dwt</div></td><td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Flag State</div></td><td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Year Built</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Mustang Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Mustang</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 317,975</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2018</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Bronco Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Bronco</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 317,975</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2018</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Colt Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Colt</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 319,713</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2018</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Stallion Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Stallion</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 319,713</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2018</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Tiger Limited</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Tiger</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 299,629</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2017</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Puma Limited</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Puma</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 299,629</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2016</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Panther Limited</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Panther</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 299,629</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2016</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Lion Limited</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Lion</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 299,629</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2016</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Leopard Limited</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Leopard</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 299,629</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2016</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Jaguar Limited</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Jaguar</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 299,629</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2015</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Opal Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Opal</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">320,105</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">IOM</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2012</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Samco Theta Ltd</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Sundarbans</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 314,249</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">RIF</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2012</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Iota Ltd</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Taiga</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 314,249</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2012</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Peony Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Peony</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 320,013</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2011</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Lotus Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Lotus</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 320,142</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2011</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Samco Eta Ltd</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Amazon</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 314,249</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">RIF</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2011</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Kappa Ltd</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Redwood</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 314,249</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2011</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Edelweiss Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Edelweiss</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 301,021</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2008</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Epsilon Ltd</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT China</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 317,794</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">RIF</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2007</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Samco Delta Ltd</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Europe</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 317,713</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Marshall Islands</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2007</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Bauhinia Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Bauhinia</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 301,019</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">IOM</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2007</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Hawk Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Hawk</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 298,923</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2007</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Gamma Ltd</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Scandinavia</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 317,826</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2006</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Falcon Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Falcon</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 298,971</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2006</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Lake Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Lake</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 298,564</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2004</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Raven Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Raven</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 298,563</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">IOM</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2004</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Condor, Inc.</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Condor</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 320,050</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2004</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Eagle, Inc.</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Eagle **</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 309,064</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2002</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Utah, Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Utah **</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 299,498</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">IOM</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2001</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Utik, Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Utik **</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 299,450</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">IOM</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2001</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Chris Tanker Corporation</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Chris ***</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 309,285</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2001</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Ann Tanker Corporation</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Ann ****</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 309,327</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2001</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Phoenix, Inc.</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Phoenix *****</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 307,151</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">1999</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Cathy Tanker Corporation</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Cathy*</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 115,000</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Marshall Islands</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2004</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Sophie Tanker Corporation</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Sophie*</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 115,000</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Marshall Islands</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2003</div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000;" /><div><br /></div><div>* 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>** 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>*** The DHT Chris was sold and delivered to new owners in January 2017.</div><div>**** The DHT Ann was sold and delivered to new owners in May 2017.</div><div>***** The DHT Phoenix was sold and delivered to new owners in June 2017.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Dividend payment:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 57%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;"><u>Dividend payment as of December 31, 2019:</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: right; font-weight: bold;"><br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 57%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Payment date:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">Total payment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;"><div style="font-weight: bold;">Per share</div><div>Common</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">February 26, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right;">7.1 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>0.05</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">May 28, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255); text-align: right;">11.4 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>0.08</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">August 29, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right;">2.8 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>0.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">November 14, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">7.3 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>0.05</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total payment as of December 31, 2019:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">28.7 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">0.20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 80%;"><tr><td valign="bottom" style="vertical-align: bottom; width: 57%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;"><u>Dividend payment as of December 31, 2018:</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: right; font-weight: bold;"><br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 57%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Payment date:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">Total payment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;"><div style="font-weight: bold;">Per share</div>Common</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">February 28, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right;">2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>0.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">May 30, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255); text-align: right;">2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>0.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">August 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right;">2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>0.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">November 23, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>0.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total payment as of December 31, 2018:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">11.5 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">0.08</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 57%;"><div style="font-style: italic;"><u>Dividend payment as of December 31, 2017:</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: right; font-weight: bold;"><br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 57%;"><div style="font-weight: bold;">Payment date:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">Total payment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;"><div style="font-weight: bold;">Per share</div>Common</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div>February 22, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right;">7.6 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>0.08</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255);"><div>May 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255); text-align: right;">10.1 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>0.08</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div>August 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right;">2.8 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>0.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div>December 6, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">2.8 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>0.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="font-weight: bold;">Total payment as of December 31, 2017:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">23.3 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">0.20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Note 5 – Earnings per share (“EPS”)</div><div> </div><div>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> </div><div>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 share: convertible instruments: 17,282,925 shares.</div><div> </div><div>The components of the calculation of basic EPS and diluted EPS are as follows:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div>Profit/(loss) for the period used for calculation of EPS - basic</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>73,679</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(46,927</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>6,602</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div>Interest and amortization on the convertible notes</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>12,177</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div>Profit/(loss) for the period used for calculation of EPS - dilutive</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>85,856</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(46,927</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>6,602</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="font-style: italic;"><u>Basic earnings per share:</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div>Weighted average shares outstanding - basic</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>143,437,164</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>143,429,610</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>124,536,338</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div style="font-style: italic;"><u>Diluted earnings per share:</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div>Weighted average shares outstanding - basic</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>143,437,164</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>143,429,610</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>124,536,338</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0);">Dilutive equity awards</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">133,342</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">5,311</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0);">Dilutive shares related to convertible notes</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">24,589,370</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div>Weighted average shares outstanding - dilutive</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>168,159,876</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>143,434,921</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>124,536,338</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Note 3 – Segment information</div><div> </div><div style="font-weight: bold;">Operating Segments:</div><div> </div><div>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-style: italic;">Operating Segments</font>.</div><div> </div><div style="font-weight: bold;">Entity-wide disclosures:</div><div> </div><div style="font-style: italic;">Information about major customers:</div><div> </div><div>As of December 31, 2019, 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> </div><div>For the period from January 1, 2019 to December 31, 2019, five customers represented $84,067 thousand, $79,161 thousand, $73,629 thousand, $39,477 thousand and $34,786 thousand, respectively, of the Company’s revenues.</div><div> </div><div>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> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Note 17 – Events after the reporting date</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Restricted Shares</font></div><div> </div><div><font style="background-color: #FFFFFF;">In January 2020, for the year 2019, a total of 660,000 shares of restricted stock were awarded to management pursuant to the 2019 Plan, of which 253,334 shares will vest in January 2021, 53,333 shares will vest in January 2022 and 153,333 shares will vest in January 2023.  The remaining 200,000 shares will vest subject to certain market conditions prior to January 2023.  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 460,000 shares and $3.5637 per share for 200,000 shares.  In January 2020, a total of 150,000 shares of restricted stock was awarded to the board of directors pursuant to the 2019 Plan. The estimated fair value at grant date was equal to the share price at grant date and the shares will vest in June 2021.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Dividend</font></div><div> </div><div><font style="background-color: #FFFFFF;">On February 5, 2020, DHT announced that it would pay a dividend of $0.32 per common share on February 25, 2020, to shareholders of record as of February 18, 2020.  This resulted in a total dividend payment of $47.0 million.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Approval of financial statements</font></div><div> </div><div><font style="background-color: #FFFFFF;">The financial statements were approved by the board of directors on March 19, 2020, and authorized for issue.</font></div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><table border="0" cellpadding="0" cellspacing="0" style="width: 95%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">Change in gross pension assets:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Fair value plan asset January 1</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">1,551</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">1,282</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">886</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest income</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">36</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">27</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Settlement</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Employer contribution</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">216</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">404</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">313</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Remeasurements (loss)/gain</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(768</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(63</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">16</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exchange rate differences</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(16</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(99</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">47</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 59%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Fair value plan assets December 31</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,551</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,282</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Note 8 – Financial instruments</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Categories of financial instruments</font></div><div> </div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 56%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Carrying amount</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 56%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Financial assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash and cash equivalents <sup>(1)(3)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>67,356</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>94,944</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accounts receivable and accrued revenues <sup>(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div><div>107,848</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div><div>60,196</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>175,204</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>155,140</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Financial liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accounts payables and accrued expenses <sup>(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>23,998</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>28,634</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Derivative financial liabilities, current <sup>(2)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>4,320</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>1,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Current portion long-term debt <sup>(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>100,385</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>93,815</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Long-term debt <sup>(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>750,586</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>873,460</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Derivative financial liabilities, non-current <sup>(2)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>11,279</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>4,486</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total financial liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>890,569</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>1,001,645</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table><div><div><div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(1)</td><td style="width: auto; vertical-align: top;"><div>Amortized cost.</div></td></tr></table></div></div><div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(2)</td><td style="width: auto; vertical-align: top;"><div>Fair value through profit or loss.</div></td></tr></table></div></div><div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(3)</td><td style="width: auto; vertical-align: top;"><div>Cash and cash equivalents include $221 thousand in restricted cash in 2019 and $638 thousand in 2018, including employee withholding tax.</div></td></tr></table></div></div></div><div> </div><div><font style="background-color: #FFFFFF;">Fair value of non-derivative financial instruments</font></div><div> </div><div><font style="background-color: #FFFFFF;">It is assumed that fair value of non-derivative 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> </div><div style="font-style: italic;"><font style="background-color: #FFFFFF;">Measurement of fair value</font></div><div> </div><div><font style="background-color: #FFFFFF;">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><font style="background-color: #FFFFFF; font-style: italic;">Fair Value Measurement</font><font style="background-color: #FFFFFF;">.  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> </div><div style="font-weight: bold;">Derivatives - interest rate swaps</div><div> </div><div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td valign="bottom" style="width: 37%; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="width: 15%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">Notional amount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">Fair value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 37%; padding-bottom: 2px; vertical-align: bottom;"><div style="text-indent: -7.2pt; font-style: italic; margin-left: 7.2pt;">(Dollars in thousands)</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">Expires</div></td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 2.987%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Apr. 20, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>44,400</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>46,800</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,748</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>699</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 3.012%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right;">Apr. 20, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>44,400</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>46,800</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>1,780</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>743</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 3.019%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>33,310</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>35,877</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,425</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>580</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 3.019%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>32,396</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>34,963</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>1,380</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>563</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 2.8665%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>48,830</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>51,400</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,976</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>606</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 2.8785%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right;">Jun. 30, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>43,240</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>45,807</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>1,681</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>503</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 2.885%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>48,188</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>50,115</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,961</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>653</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 2.897%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right;">Sept. 30, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>43,419</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>45,986</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>1,789</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>597</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 3.020%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>41,734</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>44,301</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>1,859</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>793</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Total carrying amount</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;"> </div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">379,916</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">402,049</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">15,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">5,736</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr></table><div><br /></div><div style="font-weight: bold;"><font style="background-color: rgb(255, 255, 255);">Interest-bearing debt</font></div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" 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 colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" 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="text-align: center; font-weight: bold;">Remaining</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">Carrying amount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-indent: -7.2pt; font-style: italic; margin-left: 7.2pt;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">Interest</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">notional</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Credit Agricole Credit Facility</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right;">LIBOR + 2.19 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><br /></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>56,120</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>55,719</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>62,166</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Danish Ship Finance Credit Facility</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right;">LIBOR + 2.25 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div><br /></div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>39,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>38,929</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>41,437</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Nordea BW VLCC Acquisition Credit Facility</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right;">LIBOR + 2.40 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><br /></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>209,628</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>207,175</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>254,870</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">ABN Amro Credit Facility</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right;">LIBOR + 2.40 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><br /></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>436,261</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>432,581</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>464,826</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">ABN Amro Revolving Credit Facility</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right;">LIBOR + 2.50 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 52%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2019</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>4.50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>32,009</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 52%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2021</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>4.50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><br /></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>125,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>116,568</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>111,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 52%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Total carrying amount</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><br /></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">866,009</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">850,972</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">967,275</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr></table><div><br /></div></div><div><font style="background-color: #FFFFFF;">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-annually 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, insurance 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> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Reconciliation of liabilities arising from financing activities</font></div><div> </div><div>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.</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 16%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">     </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Non-cash changes</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 16%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;">  </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 16%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">As of January</div><div style="text-align: center; font-weight: bold;">1, 2019 <sup>(1)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Financing cash</div><div style="text-align: center; font-weight: bold;">flows <sup>(2)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">  <div style="text-align: center; font-weight: bold;">Fair value</div><div style="text-align: center; font-weight: bold;">changes <sup>(3)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Amortization</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Equity</div><div style="text-align: center; font-weight: bold;">component</div><div style="text-align: center; font-weight: bold;">of convertible</div><div style="text-align: center; font-weight: bold;">notes</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Other</div><div style="text-align: center; font-weight: bold;">changes <sup>(4)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">As of</div><div style="text-align: center; font-weight: bold;">December</div><div style="text-align: center; font-weight: bold;">31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 16%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Bank loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>823,299</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>(91,440</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 9%;"><div> </div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>2,545</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>734,404</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 16%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;"><div>32,009</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;"><div>(6,426</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 9%;"><div> </div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;"><div>851</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;"><div>(26,434</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 16%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2021</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>111,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>(7</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 9%;"><div> </div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>4,607</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>116,568</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Office leases</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,484</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>(370</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div> </div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,732</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>2,846</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total <sup>(5)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">968,759</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">(98,243</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">-</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">8,003</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">(26,434</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,732</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">853,817</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">Non-cash changes</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">As of January</div><div style="text-align: center; font-weight: bold;">1, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Financing cash</div><div style="text-align: center; font-weight: bold;">flows <sup>(2)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Fair value</div><div style="text-align: center; font-weight: bold;">changes <sup>(3)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Amortization</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Equity</div><div style="text-align: center; font-weight: bold;">component of</div><div style="text-align: center; font-weight: bold;">convertible</div><div style="text-align: center; font-weight: bold;">notes</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Other</div><div style="text-align: center; font-weight: bold;">changes <sup>(4)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">As of</div><div style="text-align: center; font-weight: bold;">December</div><div style="text-align: center; font-weight: bold;">31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Bank loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>687,942</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>129,400</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>6,826</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>(869</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>823,299</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>98,262</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(74,644</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>3,188</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>1,613</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>3,589</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>32,009</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2021</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>38,945</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>74,644</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>1,545</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(3,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>111,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total <sup>(5)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">786,204</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">168,345</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">11,559</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(1,553</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">2,720</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">967,275</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(1)</td><td style="width: auto; vertical-align: top;"><div>The opening balance as of January 1, 2019, includes the initial recognition of a lease liability of $1.5 million resulting from the adoption of IFRS 16 <font style="font-style: italic;">Leases</font>.</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(2)</td><td style="width: auto; vertical-align: top;"><div>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 consisted of $41.6 million cash received upon issue, less transaction costs of $2.7 million.</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(3)</td><td style="width: auto; vertical-align: top;"><div>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><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(4)</td><td style="width: auto; vertical-align: top;"><div>Other changes for the year 2019 represents new, modified office leases and foreign exchange effects during the year related to IFRS 16 Leases. Other changes for the year 2018 represents the (gain)/loss on extinguishment of debt, including previously capitalized fees.</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(5)</td><td style="width: auto; vertical-align: top;"><div>The reconciliation does not include interest rate swaps, which are described in note 8.</div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Note 9 – Financial risk management, objectives and policies</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Financial risk management</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div><font style="background-color: #FFFFFF;">The Company is exposed to market risk, credit risk and liquidity risk.  The Company’s senior management oversees the management of these risks.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Market risk</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div style="font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">a) Interest rate risk</font></div><div> </div><div><font style="background-color: #FFFFFF;">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, 2019, the Company had nine interest rate swaps with a total aggregate notional amount of $379,916 thousand as discussed in Note 8.</font></div><div> </div><div style="font-style: italic;"><font style="background-color: #FFFFFF;"><u>Interest rate risk sensitivity</u></font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div><font style="background-color: #FFFFFF;">2019: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s:</font></div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>profit for the year ended December 31, 2019 would decrease/increase by $1,805 thousand; and<br /></div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>other comprehensive income would not be affected.</div></td></tr></table><div> </div><div><font style="background-color: #FFFFFF;">2018: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s:</font></div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>loss for the year ended December 31, 2018 would decrease/increase by $2,152 thousand; and<br /></div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>other comprehensive income would not be affected.</div></td></tr></table><div> </div><div><font style="background-color: #FFFFFF;">2017: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s:</font></div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>profit for the year ended December 31, 2017 would decrease/increase by $3,099 thousand; and<br /></div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>other comprehensive income would not be affected.</div></td></tr></table><div> </div><div style="font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">b) Foreign currency risk</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Credit risk</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div style="font-style: italic;"><font style="background-color: #FFFFFF;">Credit risks related to receivables</font></div><div> </div><div><font style="background-color: #FFFFFF;">During 2019, 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, 2019, five of the Company’s 27 vessels are chartered to four different counterparties and 22 vessels are operated in the spot market.</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div><font style="background-color: #FFFFFF;">See Note 5 for further details on employment of the Company’s vessels.  Time charter hire is paid to DHT monthly in advance.</font></div><div> </div><div style="font-style: italic;"><font style="background-color: #FFFFFF;">Credit risk related to cash and cash equivalents and accounts receivables</font></div><div> </div><div><font style="background-color: #FFFFFF;">The Company seeks to diversify credit risks on cash by holding the majority of the cash in five financial institutions, namely, DNB, Nordea, Credit Agricole, OCBC and ABN AMRO.</font></div><div> </div><div><font style="background-color: #FFFFFF;">As of December 31, 2019, five customers represented $7,491 thousand, $6,840 thousand, $5,983 thousand, $5,403 thousand and $4,604 thousand, respectively, of the Company’s accounts receivables.</font></div><div> </div><div><font style="background-color: #FFFFFF;">The carrying amount of financial assets represents the maximum credit exposure.  The maximum exposure to credit risk at the reporting dates was:</font></div><div> </div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 56%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>67,356</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>94,944</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accounts receivable and accrued revenues</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>107,848</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>60,196</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Maximum credit exposure</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>175,204</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>155,140</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Liquidity risk</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div>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, 2019 (and spot rate at December 31, 2018 for comparatives) is used as a basis for preparation.</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 32%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">As of December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; border-bottom: 2px solid rgb(0, 0, 0);"><div> </div><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;"></div><div style="text-align: center; font-weight: bold;">1 year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2 to 5</div><div style="text-align: center; font-weight: bold;">years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">More than</div><div style="text-align: center; font-weight: bold;">5 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right;"></div><div style="text-align: center; font-weight: bold;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest bearing loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>140,707</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>855,593</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>996,301</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest rate swaps</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>3,523</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>8,105</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>11,629</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">144,230</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">863,699</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,007,929</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr></table><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 32%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">As of December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; border-bottom: 2px solid rgb(0, 0, 0);"><div> </div><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;"></div><div style="text-align: center; font-weight: bold;">1 year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2 to 5</div><div style="text-align: center; font-weight: bold;">years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">More than</div><div style="text-align: center; font-weight: bold;">5 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right;"></div><div style="text-align: center; font-weight: bold;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest bearing loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>146,574</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>723,031</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>307,692</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>1,177,298</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest rate swaps</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>593</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>1,832</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>2,424</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">147,167</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">724,863</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">307,692</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,179,722</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr></table><div><br /></div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Capital management</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div><font style="background-color: #FFFFFF;">The Company is within its financial covenants stipulated in its credit agreements.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">The Credit Agricole Credit Facility</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">The Nordea Samco Credit Facility</font></div><div> </div><div><font style="background-color: #FFFFFF;">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 lenders, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of their assets to another person.</font></div><div> </div><div><font style="background-color: #FFFFFF;">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).</font></div><div> </div><div><font style="background-color: #FFFFFF;">In July 2016, the credit facility was amended whereby the DHT Amazon and the DHT Europe were replaced by the 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.</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">The ABN AMRO Credit Facility</font></div><div> </div><div><font style="background-color: #FFFFFF;">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 for 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.</font></div><div> </div><div><font style="background-color: #FFFFFF;">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 lenders, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of their assets to another person.</font></div><div> </div><div><font style="background-color: #FFFFFF;">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).</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">The Danish Ship Finance Credit Facility</font></div><div> </div><div><font style="background-color: #FFFFFF;">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 special purpose vessel-owning subsidiary, as borrower, and DHT Holdings, Inc., as guarantor (the “Danish Ship Finance Credit Facility”).  The full amount of the Danish Ship Finance Credit Facility was borrowed in November 2015.  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.</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div><font style="background-color: #FFFFFF;">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).</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">The Nordea/DNB Credit Facility</font></div><div> </div><div><font style="background-color: #FFFFFF;">In October 2015, we entered into the Nordea/DNB Credit Facility (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.</font></div><div><br /></div><div><font style="background-color: #FFFFFF;">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 lenders, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of its assets to another person.<br /><br /></font></div><div><font style="background-color: #FFFFFF;">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).</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div><font style="background-color: #FFFFFF;">The Nordea/DNB Credit Facility was repaid in full in connection with the sale of DHT Cathy and DHT Sophie in December 2018.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">The ABN AMRO Revolving Credit Facility</font></div><div> </div><div><font style="background-color: #FFFFFF;">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 acquisitions of ships (the “ABN AMRO Revolving Credit Facility”) between and among ABN AMRO Bank N.V. Oslo Branch (“ABN AMRO”) or any of its affiliates, as lender, Samco Delta Ltd. and Samco Eta Ltd. as borrowers (each, a special purpose vessel-owning, wholly owned subsidiary of us), 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.  </font>In June 2019, the Company entered into an agreement with ABN AMRO to amend the repayment terms under the ABN AMRO Revolving Credit Facility by reducing the quarterly repayment installments thereunder from $1.8 million to $1.3 million. Other terms and conditions remain the same.<font style="background-color: #FFFFFF;">  The 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 borrowers’ bank accounts and a first-priority pledge over the shares in each of the borrowers.  As of December 31, 2019, 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).</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">The Nordea/DNB Newbuilding Credit Facility</font></div><div> </div><div><font style="background-color: #FFFFFF;">In June 2017, we entered into the Nordea/DNB Newbuilding Credit Facility (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.</font></div><div> </div><div><font style="background-color: #FFFFFF;">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 lenders, 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).</font></div><div> </div><div><font style="background-color: #FFFFFF;">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 undrawn Nordea/DNB Newbuilding Credit Facility was refinanced and the new credit facility is described below.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">The Nordea BW VLCC Acquisition Credit Facility</font></div><div> </div><div><font style="background-color: #FFFFFF;">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, several special purpose vessel owning subsidiaries as borrowers, and DHT Holdings, Inc. as guarantor (the “Nordea BW VLCC Acquisition Credit Facility”), 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%.</font></div><div> </div><div><font style="background-color: #FFFFFF;">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 borrowers’ 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 lenders, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of their assets to another person.</font></div><div> </div><div><font style="background-color: #FFFFFF;">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).</font></div><div> </div><div><font style="background-color: #FFFFFF;">Subsequent to the sale of DHT Utah in November 2017 and DHT Utik in January 2018, the delivery of DHT Stallion in April 2018 and DHT Colt in May 2018 and the prepayment of DHT Lake and DHT Raven in November 2019, the quarterly installments are $4.2 million with a final payment of $119.3 million in the second quarter of 2023.</font></div><div> </div><div><font style="background-color: #FFFFFF;">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 bears the same interest rate equal to LIBOR + 2.40%. In connection with the prepayment of DHT Lake and DHT Raven in November 2019, the scrubber financing tranche of the Nordea BW VLCC Acquisition Credit Facility was reduced to $45.0 million. As of December 31, 2019, a total of $31.5 million was drawn and $13.5 million was available. The facility will have quarterly installments of $2.25 million commencing second quarter 2020. Other terms and conditions remain unchanged.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">The 2018 ABN AMRO Credit Facility</font></div><div> </div><div><font style="background-color: #FFFFFF;">In April 2018 we entered into a $484 million credit facility with ABN AMRO, Nordea, Credit Agricole, DNB, ING, Danish Ship Finance, SEB, DVB and Swedbank as lenders, two special purpose wholly owned vessel-owning subsidiaries as borrowers, 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 million with the last installment. The credit facility is secured by, among other things, a first-priority mortgage on the vessel 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 borrowers’ bank accounts and a first-priority pledge over the shares in each of the borrowers. 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).</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Convertible Senior Notes due 2019</font></div><div> </div><div><font style="background-color: #FFFFFF;">In September 2014, in connection with the acquisition of the shares of Samco, the Company issued $150 million aggregate principal amount of convertible senior notes due 2019 in a private placement to institutional accredited investors.  The net proceeds of approximately $145.5 million (after placement agent expenses, but before other transaction expenses) were used, along with the net proceeds of the September 2014 registered direct offering of common stock and cash on hand, to fund the acquisition of shares in Samco.  The Company paid interest at a fixed rate of 4.50% per annum, payable semiannually in arrears.  The convertible senior notes due 2019 were 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 was $8.125 per share of common stock (equivalent to an initial conversion rate of 123.0769 shares of common stock per $1,000 aggregate principal amount of convertible senior notes due 2019), subject to customary anti-dilution adjustments. </font>In October 2019, holders of $26,434,000 in aggregate principal amount of the Company’s convertible senior notes due 2019, exercised their right to convert their notes into shares at the conversion price of $6.0216 per share. As a result, the Company issued 4,389,858 shares of common stock. The remaining $6,426,000 in aggregate principal amount was repaid in cash.</div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Convertible Senior Notes due 2021</font></div><div> </div><div><font style="background-color: #FFFFFF;">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 principal amount of the convertible senior notes due 2019 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.  We received net proceeds of approximately $38.9 million after the payment of placement agent fees.  Upon the completion of such private exchanges and private placement, the aggregate principal amount outstanding of convertible senior notes due 2021 was $125.0 million.  The Company pays interest at a 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 convertible senior notes due 2021 as specified in the 2021 Notes Indenture. Upon conversion, holders will receive shares of the Company’s common stock. The initial conversion price for the convertible senior notes due 2021 was $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 due 2021), subject to customary anti-dilution adjustments.  In December 2019, $1,000 principal amount of convertible senior notes due 2021 was converted into 167 shares of common stock.  As a result, the aggregate principal amount outstanding of convertible senior notes due 2021 was $124,999,000 as of March 19, 2020.  The conversion price is subject to adjustment based on cash dividends paid on our common stock.  As a result of a cash dividend paid on February 25, 2020, as of March 19, 2020, the conversion price had been adjusted to $5.6468 per share of common stock.  Based on such adjusted conversion price, the total number of shares to be issued upon conversion would be 22,136,254 shares.  The convertible senior notes due 2021 will mature on August 15, 2021, unless earlier converted, redeemed or repurchased in accordance with their terms.</font></div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Note 11 – General & Administrative Expenses</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">General and Administrative Expenses:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total Compensation to Employees and Directors</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>10,331</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>11,289</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>11,655</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Office and Administrative Expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,633</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,449</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,147</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Audit, Legal and Consultancy</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,826</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,314</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>3,377</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total General and Administrative Expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">14,789</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">15,052</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">17,180</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Stock Compensation</font></div><div> </div><div><font style="background-color: #FFFFFF;">The Company currently maintains the 2019 Incentive Compensation Plan (the “2019 Plan”) for the benefit of directors and senior management.  Different awards may be granted under the 2019 Plan, including stock options, restricted shares/restricted stock units and cash incentive awards.</font></div><div> </div><div style="font-style: italic;"><font style="background-color: #FFFFFF;">Stock Options</font></div><div> </div><div><font style="background-color: #FFFFFF;">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> </div><div style="font-style: italic;"><font style="background-color: #FFFFFF;">Restricted shares</font></div><div> </div><div><font style="background-color: #FFFFFF;">Restricted shares can neither be transferred nor assigned by the participant.</font></div><div> </div><div style="font-style: italic;"><font style="background-color: #FFFFFF;">Vesting conditions</font></div><div> </div><div><font style="background-color: #FFFFFF;">Awards issued vest subject to continued employment or office, except that if a member of the board of directors ceases service on the board of directors prior to the applicable vesting date for any reason, his or her restricted stock will immediately vest in full.  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> </div><div><font style="background-color: #FFFFFF;">The Plan may allow for different criteria for new grants.</font></div><div> </div><div style="font-weight: bold;">Stock Compensation Series</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 47%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Number of</div><div style="text-align: center; font-weight: bold;">shares/options</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 9%;"><div style="text-align: center; font-weight: bold;">Vesting</div><div style="text-align: center; font-weight: bold;">Period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Fair value</div><div style="text-align: center; font-weight: bold;">at grant date</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(1) Granted October 2005, stock options</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>965</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">10 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>144.00</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(2) Granted March 2012, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>14,515</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>13.80</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(3) Granted June 2013, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>155,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">4 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>4.15</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(4) Granted June 2013, stock options</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>155,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">5 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>1.31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(5) Granted June 2013, stock options</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>155,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">5 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>0.97</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(6) Granted February 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>29,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>6.92</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(7) Granted February 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>29,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>6.33</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(8) Granted February 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>29,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5.63</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(9) Granted February 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>88,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>7.61</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(10) Granted June 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>95,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>6.41</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(11) Granted June 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>95,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>5.74</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(12) Granted June 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>95,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5.13</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(13) Granted June 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>287,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>7.15</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(14) Granted January 2015, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>850,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>8.81</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(15) Granted January 2016, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>824,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>6.65</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(16) Granted January 2017, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>900,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>4.61</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(17) Granted January 2018, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>355,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">1 year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>3.92</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(18) Granted January 2018, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>212,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>2.30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(19) Granted January 2019, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>360,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>4.25</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(20) Granted January 2019, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>200,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>3.04</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(21) Granted March 2019, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>210,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">1 year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>4.60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div><font style="background-color: #FFFFFF;">The following reconciles the number of outstanding restricted common stock and share options:</font></div><div> </div><div> </div><div><table border="0" cellpadding="0" cellspacing="0" style="width: 90%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td valign="bottom" style="width: 54%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Restricted</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">common stock</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Share</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">options</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Weighted</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">average</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">exercise</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">price **</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Outstanding at December 31, 2016</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,376,820</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>310,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0);">9.64</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Granted</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>900,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exercised*</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,132,988</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>57,501</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Outstanding at December 31, 2017</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,086,331</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">310,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">9.64</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Outstanding at December 31, 2017</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,086,331</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>310,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0);">9.64</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Granted</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>567,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exercised*</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,085,331</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>22,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>310,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0);">9.64</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Outstanding at December 31, 2018</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">545,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Outstanding at December 31, 2018</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>545,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0);">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Granted</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>770,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exercised*</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>755,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Outstanding at December 31, 2019</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">560,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr></table><div> </div></div><div><font style="background-color: #FFFFFF;">*Does not include shares in lieu of dividends</font></div><div> </div><div><font style="background-color: #FFFFFF;">**To be adjusted for dividends declared and paid subsequent to the respective grant dates.</font></div><div> </div><div style="font-weight: bold;">Stock Compensation Expense</div><div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 90%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-indent: -7.2pt; font-style: italic; margin-left: 7.2pt;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: right; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: right; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: right; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td colspan="1" valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Expense recognized from stock compensation</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2,532</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2,458</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>4,806</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr></table> </div><div><font style="background-color: #FFFFFF;">The fair value on the vesting date for shares that vested in 2019 was $4.61 for 281,094 shares, $3.92 for 80,101 shares, $2.30 for 212,823 shares, $3.04 for 206,118 shares and $4.60 for 10,435 shares. 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. 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 0.87 years as of December 31, 2019.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Valuation of Stock Compensation</font></div><div> </div><div><font style="background-color: #FFFFFF;">For the year 2018, a total of 560,000 shares of restricted stock was awarded to management in January 2019, vesting in equal amounts in January 2020, January 2021 and January 2022, 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 remaining 200,000 shares vested subject to certain market conditions in May 2019 and the calculated fair value was $3.04 per share. For the year 2018, a total of 210,000 shares of restricted stock were awarded to the board of directors in March 2019. The calculated fair value at grant date was equal to the share price at grant date and the shares will vest in June 2020. 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 vested subject to certain market conditions in May 2019, while 10,000 shares were forfeited in October 2018. The above vesting was subject to continued employment or office, as applicable, as of the relevant vesting date, except that if a member of the board of directors ceases service on the board of directors prior to the applicable vesting date for any reason, his or her restricted stock will immediately vest in full. 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.   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> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Compensation of Directors and Executives</font></div><div> </div><div><font style="background-color: #FFFFFF;">Remuneration of Directors and Executives as a group:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2017</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash compensation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>3,518</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>3,989</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>4,171</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Pension cost</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>36</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>202</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Share compensation*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>2,003</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>2,250</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>4,107</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total remuneration</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">5,556</font></div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">6,441</font></div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">8,433</font></div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table><div> </div><div><font style="background-color: #FFFFFF;">*Share compensation reflects the expense recognized.</font></div><div> </div><div style="font-weight: bold;">Shares held by Directors and Executives:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2017</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Directors and Executives as a group*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>3,615,221</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>3,155,503</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,729,680</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div> </div><div>*Includes 440,000 (2018: 465,000, 2017: 906,666) shares of restricted stock subject to vesting conditions.</div><div> </div><div><font style="background-color: #FFFFFF;">In connection with termination of an Executive’s employment, the Executives of the Company may be entitled to an amount equal to 18 months</font><font style="background-color: #FFFFFF;"><font style="background-color: #FFFFFF;">’</font> base salary and any unvested equity awards may become fully vested in certain circumstances.</font></div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Note 14 – Tax</font></div><div> </div><div><font style="background-color: #FFFFFF;">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 Monegasque company, DHT Management S.A.M., is subject to income taxation in Monaco, 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.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Specification of income tax:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Income tax payable</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>111</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>74</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>132</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Tax expenses related to previous year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>32</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>1</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>8</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Change in deferred tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>8</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(8</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total income tax expense</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>83</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr></table><div><br /></div><div style="font-weight: bold;">Specification of temporary differences and deferred tax:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">December 31,</div><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">December 31,</div><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">December 31,</div><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Property, plant and equipment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>(13</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>(164</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>(164</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Pensions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(420</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(539</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(425</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total basis for deferred tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(432</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(703</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(590</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Deferred tax liability(asset), net <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1) ( 2)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(102</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(136</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Deferred tax (asset), gross<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> ( 3)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(126</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(136</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Deferred tax liability, gross<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (3)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>24</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr></table><div><br /></div><div></div><div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> Due to materiality, recognized in prepaid expenses and not on a separate line in the statements of financial position.</div><div> </div><div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(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><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup> Deferred tax liability is related to the subsidiary in Singapore and cannot be offset with the deferred tax asset related to the subsidiary in Norway.</div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Reconciliation of effective tax rate:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Profit/(loss) before income tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>73,812</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(46,845</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>6,733</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Expected income tax assessed at the tax rate for the Parent company (0%)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">Adjusted for tax effect of the following items:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Income in subsidiary, subject to income tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>83</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total income tax expense</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>83</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Note 15 – Investment in associate company</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Investment in associate company</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>4,772</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>4,388</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="font-weight: bold;">Details of associate are as follows:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 36%;"><div><div style="text-align: center; font-weight: bold;">Name of associate</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 19%;"><div><div style="text-align: center; font-weight: bold;">Principal activities</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 19%;"><div><div style="text-align: center; font-weight: bold;">Place of</div><div style="text-align: center; font-weight: bold;">incorporation</div><div style="text-align: center; font-weight: bold;">and business</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Effective equity interest</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 36%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 19%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 19%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 36%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Goodwood Ship Management Pte. Ltd.</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 19%; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Ship management</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 19%; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Singapore</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>%</div></td></tr></table><div><br /></div><div><font style="background-color: #FFFFFF;">The following summarizes the share of profit of the associate that are accounted for using the equity method:</font></div><div> </div><div style="font-style: italic;">(Dollars in thousands)</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Company’s share of</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">- Profit after taxation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>852</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>858</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">- Other comprehensive income for the year, net of tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>44</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>(53</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div><div>)</div></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">- Total comprehensive income for the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>896</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>805</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: rgb(255, 255, 255);">The amounts recognized in the statement of financial position at the reporting date are as follows:</font></div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 95%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td valign="bottom" style="width: 59%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Present value of the defined benefit obligation</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2,494</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,971</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,481</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Fair value of plan assets</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>1,788</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>1,614</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>1,266</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Net pension obligation</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">707</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">357</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">215</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Remeasurement loss/(gain)</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0);">(287</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0);">)</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>182</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>211</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Net balance sheet recorded pension liability December 31</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">420</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">539</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">425</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 59%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div><font style="background-color: #FFFFFF;">The following reconciles the number of outstanding restricted common stock and share options:</font></div><div> </div><div> </div><div><table border="0" cellpadding="0" cellspacing="0" style="width: 90%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td valign="bottom" style="width: 54%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Restricted</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">common stock</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Share</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">options</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Weighted</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">average</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">exercise</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">price **</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Outstanding at December 31, 2016</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,376,820</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>310,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0);">9.64</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Granted</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>900,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exercised*</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,132,988</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>57,501</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Outstanding at December 31, 2017</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,086,331</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">310,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">9.64</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Outstanding at December 31, 2017</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,086,331</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>310,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0);">9.64</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Granted</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>567,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exercised*</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,085,331</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>22,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>310,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0);">9.64</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Outstanding at December 31, 2018</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">545,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Outstanding at December 31, 2018</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>545,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0);">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Granted</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>770,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exercised*</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>755,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Outstanding at December 31, 2019</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">560,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr></table><div> </div></div><div><font style="background-color: #FFFFFF;">*Does not include shares in lieu of dividends</font></div><div> </div><div><font style="background-color: #FFFFFF;">**To be adjusted for dividends declared and paid subsequent to the respective grant dates.</font></div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>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.</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 16%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">     </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Non-cash changes</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 16%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;">  </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 16%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">As of January</div><div style="text-align: center; font-weight: bold;">1, 2019 <sup>(1)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Financing cash</div><div style="text-align: center; font-weight: bold;">flows <sup>(2)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">  <div style="text-align: center; font-weight: bold;">Fair value</div><div style="text-align: center; font-weight: bold;">changes <sup>(3)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Amortization</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Equity</div><div style="text-align: center; font-weight: bold;">component</div><div style="text-align: center; font-weight: bold;">of convertible</div><div style="text-align: center; font-weight: bold;">notes</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Other</div><div style="text-align: center; font-weight: bold;">changes <sup>(4)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">As of</div><div style="text-align: center; font-weight: bold;">December</div><div style="text-align: center; font-weight: bold;">31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 16%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Bank loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>823,299</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>(91,440</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 9%;"><div> </div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>2,545</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>734,404</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 16%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;"><div>32,009</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;"><div>(6,426</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 9%;"><div> </div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;"><div>851</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;"><div>(26,434</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 16%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2021</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>111,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>(7</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 9%;"><div> </div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>4,607</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>116,568</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Office leases</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,484</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>(370</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div> </div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,732</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>2,846</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total <sup>(5)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">968,759</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">(98,243</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">-</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">8,003</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">(26,434</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,732</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">853,817</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">Non-cash changes</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">As of January</div><div style="text-align: center; font-weight: bold;">1, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Financing cash</div><div style="text-align: center; font-weight: bold;">flows <sup>(2)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Fair value</div><div style="text-align: center; font-weight: bold;">changes <sup>(3)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Amortization</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Equity</div><div style="text-align: center; font-weight: bold;">component of</div><div style="text-align: center; font-weight: bold;">convertible</div><div style="text-align: center; font-weight: bold;">notes</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Other</div><div style="text-align: center; font-weight: bold;">changes <sup>(4)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">As of</div><div style="text-align: center; font-weight: bold;">December</div><div style="text-align: center; font-weight: bold;">31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Bank loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>687,942</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>129,400</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>6,826</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>(869</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>823,299</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>98,262</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(74,644</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>3,188</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>1,613</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>3,589</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>32,009</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2021</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>38,945</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>74,644</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>1,545</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(3,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>111,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total <sup>(5)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">786,204</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">168,345</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">11,559</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(1,553</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">2,720</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">967,275</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(1)</td><td style="width: auto; vertical-align: top;"><div>The opening balance as of January 1, 2019, includes the initial recognition of a lease liability of $1.5 million resulting from the adoption of IFRS 16 <font style="font-style: italic;">Leases</font>.</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(2)</td><td style="width: auto; vertical-align: top;"><div>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 consisted of $41.6 million cash received upon issue, less transaction costs of $2.7 million.</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(3)</td><td style="width: auto; vertical-align: top;"><div>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><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(4)</td><td style="width: auto; vertical-align: top;"><div>Other changes for the year 2019 represents new, modified office leases and foreign exchange effects during the year related to IFRS 16 Leases. Other changes for the year 2018 represents the (gain)/loss on extinguishment of debt, including previously capitalized fees.</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 21.6pt; vertical-align: top; align: right;">(5)</td><td style="width: auto; vertical-align: top;"><div>The reconciliation does not include interest rate swaps, which are described in note 8.</div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Investment in associate company</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>4,772</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>4,388</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Note 2 – Significant accounting principles</div><div> </div><div style="font-style: italic;">Statement of compliance</div><div> </div><div>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> </div><div style="font-style: italic;">Basis of preparation</div><div> </div><div>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> </div><div>The principal accounting policies are set out below.</div><div> </div><div style="font-style: italic;">Basis of consolidation</div><div> </div><div>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> </div><div>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> </div><div>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> </div><div>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> </div><div style="font-style: italic;">Business combinations</div><div> </div><div>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> </div><div>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> </div><div>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> </div><div>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> </div><div style="font-style: italic;">Investments in associates</div><div> </div><div>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> </div><div>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> </div><div>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> </div><div>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> </div><div>After application of the equity method, the Company determines whether it is necessary to recognize an impairment loss.</div><div> </div><div style="font-style: italic;">Cash and cash equivalents</div><div> </div><div>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> </div><div style="font-style: italic;">Vessels</div><div> </div><div>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> </div><div>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> </div><div>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> </div><div>Capitalized scrubber costs are depreciated on a straight-line basis from the time of installation of the equipment to the end of the estimated useful life.</div><div> </div><div style="font-style: italic;">Vessels under construction - pre-delivery installments</div><div> </div><div>The initial pre-delivery installments made for vessels are recorded in the statement of financial position as “Advances for vessels under construction” under Non-current assets. 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> </div><div style="font-style: italic;">Advances for vessel upgrades</div><div> </div><div>Advances related to scrubber retrofits and capital expenditures are recorded in the statement of financial position as “Advances for vessel upgrades” under Non-current assets. Advances for vessel upgrades will be capitalized and moved to “Vessels and time charter contracts” under Non-current assets upon completion of maintenance or completion of installation.</div><div> </div><div style="font-style: italic;">Docking and survey expenditure</div><div> </div><div>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 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 in which they are incurred.</div><div> </div><div style="font-style: italic;">Vessels held for sale</div><div> </div><div>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 use. 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> </div><div style="font-style: italic;">Impairment of vessels</div><div> </div><div>The carrying amounts of vessels held and used are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable.  An asset’s recoverable amount is the higher of an asset’s or cash generating unit’s (“CGU”) fair value less cost of disposal based on third-party broker valuations and its value in use and is determined for each individual asset, unless the asset does not generate cash inflows that are largely independent of those other assets or groups of assets.  The Company views each vessel as a separate CGU.  Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.  Such impairment is recognized in the income statement.  In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.</div><div> </div><div>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> </div><div style="font-style: italic;">Property, plant and equipment other than vessels</div><div> </div><div>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 asset’s 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 an asset’s 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> </div><div style="font-style: italic;">Bunkers</div><div> </div><div>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> </div><div style="font-style: italic;">Leases</div><div> </div><div>Effective from January 1, 2019, the Company adopted the new accounting standard IFRS 16 using the modified retrospective method. IFRS 16 introduced a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. The Company currently has one category of lease related to leased office space in Monaco, Singapore and Norway where the Company is a lessee.</div><div> </div><div>The Company assesses whether a contract is or contains a lease at inception of the contract. The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Company recognizes the lease payment as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.</div><div> </div><div>The lease liability is initially measured at present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate.</div><div> </div><div>Subsequently, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability (using an effective interest method) and by reducing the carrying amount to reflect the lease payments made.</div><div><div> </div><div>The Company remeasures the lease liability (and makes a corresponding adjustment to the related right –of-use asset) whenever:</div><div> </div><div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.</div></td></tr></table></div></div><div> </div><div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).</div></td></tr></table></div></div><div> </div><div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.</div></td></tr></table></div></div><div style="margin-left: 36pt;"><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="width: 18pt;"><div><br /></div></td><td style="width: 18pt; vertical-align: top;"><div>•</div></td><td style="width: auto; vertical-align: top; align: left;"><div>The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.</div></td></tr></table></div><div> </div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="width: 18pt;"><div><br /></div></td><td style="width: 18pt; vertical-align: top;"><div>•</div></td><td style="width: auto; vertical-align: top; align: left;"><div>Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.</div></td></tr></table></div><div>  <br /></div></div><div></div><div style="font-style: italic;">Revenue and expense recognition</div><div> </div><div>The Company recognizes revenue from the following major sources:</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt;"><br /></td><td style="width: 36pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>Revenue from time charters</div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt;"><br /></td><td style="width: 36pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>Revenue from spot charters</div></td></tr></table><div> </div><div>Revenues from time 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> </div><div>Effective from January 1, 2018, the Company adopted IFRS 15 <font style="font-style: italic;">Revenue from Contracts with Customers</font> using the modified retrospective method. The Company 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> </div><div>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> </div><div>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> </div><div>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.</div><div> </div><div>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> </div><div>Effective from January 1, 2019, the Company adopted IFRS 16 <font style="font-style: italic;">Leasing </font>using the modified retrospective method. IFRS 16 introduced a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. For vessels on time charters, where the company is a lessor, the time charter contract contains a lease component, which is the right to use the specified ship, and a non-lease component, which is the operation and maintenance of the ship. Technical management service components are accounted for in accordance with IFRS 15 and the lease components are accounted for in accordance with IFRS 16. The service elements are recognized as revenue as the service is being delivered (over time) and the timing of this coincides with timing of revenue recognized for the leasing element as per IFRS 16.</div><div> </div><div>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 it was earned in accordance with IFRS 16.</div><div> </div><div style="font-style: italic;">Financial liabilities</div><div> </div><div>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> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; font-weight: bold;">(a)</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">Other financial liabilities</div></td></tr></table><div> </div><div>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> </div><div>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> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(b)</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">Derivatives</div></td></tr></table><div> </div><div>The Company uses interest rate swaps to convert part of the interest-bearing debt from floating to fixed rate.</div><div> </div><div>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> </div><div style="font-style: italic;">Fair Value Measurement</div><div> </div><div>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> </div><div style="font-style: italic;">Financial assets – receivables</div><div> </div><div>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> </div><div style="font-style: italic;">Derecognition of financial assets and financial liabilities</div><div> </div><div>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> </div><div>The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or expire.</div><div> </div><div style="font-style: italic;">Foreign currency</div><div> </div><div>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 fluctuates 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> </div><div style="font-style: italic;">Classification in the Statement of Financial Position</div><div> </div><div>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> </div><div>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> </div><div style="font-style: italic;">Related parties</div><div> </div><div>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> </div><div style="font-style: italic;">Taxes</div><div> </div><div>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> </div><div>The Monegasque management company, DHT Management S.A.M., is subject to taxation in Monaco, 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> </div><div>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> </div><div style="font-style: italic;">Stock Compensation</div><div> </div><div>Employees of the Company receive remuneration in the form of restricted common stock that is 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> </div><div>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> </div><div style="font-style: italic;">Pension</div><div> </div><div>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> </div><div>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> </div><div style="font-style: italic;">Segment information</div><div> </div><div>The Company has only one operating segment, and consequently does not provide segment information, except for the entity-wide disclosures required.</div><div> </div><div style="font-style: italic;">Use of estimates</div><div> </div><div>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> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div><u>Depreciation</u>: 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 was 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><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div><u>Drydock period</u>: 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 drydock 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></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div><u>Value in use</u>: 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> </div><div style="font-style: italic;">Use of judgment</div><div> </div><div>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> </div><div style="font-style: italic;">Impairment</div><div> </div><div>Each of the Company’s vessels has been treated as a separate 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> </div><div>Judgment has been applied in connection with the assessment of indicators of impairment or reversal of prior impairment.</div><div> </div><div style="font-style: italic;">Application of new and revised International Financial Reporting Standards (“IFRSs”)</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 36pt;"><div style="text-align: left;"><font style="font-weight: bold;">(a)</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: left;"><font style="font-weight: bold;">New and revised IFRSs, and interpretations mandatory for the first time for the financial year beginning January 1, 2019.</font></div></td></tr></table><div> </div><div style="font-weight: bold;">Impact of initial application of IFRS 16 Leases</div><div> </div><div>In the current year, the Company has applied IFRS 16 (as issued by the IASB in January 2016) that is effective for annual periods that begin on or after January 1, 2019.</div><div> </div><div>IFRS 16 introduces new or amended requirements with respect to lease accounting. It introduces significant changes to lessee accounting by removing the distinction between operating and finance lease and requiring the recognition of a right-of-use asset and a lease liability at commencement for all leases, except for short-term leases and leases of low-value assets. In contrast to lessee accounting, the requirements for lessor accounting have remained largely unchanged. The impact of the adoption of IFRS 16 on the Company’s consolidated financial statements is described below.</div><div> </div><div>The date of initial application of IFRS 16 for the Company is January 1, 2019.</div><div> </div><div>The Company has applied IFRS 16 using the modified retrospective approach. Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company recognized an initial $1.5 million lease liability and a corresponding right-of-use lease asset to comply with the new standard, and there was no transition effect on the opening balance of equity. As of July 1, 2019, the Company recognized an increase of $1.6 million in the lease liability and a corresponding right-of-use lease asset related to a new contract that falls within the definition of a lease in accordance with IFRS 16. As of December 5, 2019, the Company recognized an increase of $0.1 million in the lease liability and a corresponding right-of-use lease asset due to a modification of an existing lease.</div><div> </div><div>The table below shows the initial recognition lease liability and right of use asset as of January 1, 2019:</div><div> </div><div style="font-weight: bold;">Initial recognition lease liability and right of use asset</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 95%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 83%;"><div style="font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 83%;"><div style="font-style: italic;">Reconciliation of lease liability recognized to gross payments</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">As of January 1, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(204, 238, 255);"><div>Operating lease commitment at December 31, 2018 as disclosed</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>529</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(255, 255, 255);"><div style="margin-left: 9pt;">- Extension options reasonably certain to be exercised</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>1,162</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(204, 238, 255);"><div style="margin-left: 9pt;">- Practical expedient related to short-term leases</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(3</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(255, 255, 255);"><div style="margin-left: 9pt;">- Practical expedient related to low-value leases</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(204, 238, 255);"><div style="margin-left: 9pt;">- Discounting using the incremental borrowing rate as of January 1, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(204</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(255, 255, 255);"><div>Lease liability recognized at initial application of IFRS 16 as of January 1, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>1,484</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(204, 238, 255);"><div>The weighted average incremental borrowing rate applied:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>4.03</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>%</div></td></tr></table><div><br /></div><div>After the additions and modifications during 2019, the weighted average borrowing rate for the lease liability recognized of December 31, 2019 was 3.18%.</div><div> </div><div>The table below shows the amounts recognized in the consolidated statement of financial position as of December 31, 2019 after the adoption of IFRS 16, including additions in 2019:</div><div> </div><div style="font-weight: bold;">Amounts recognized in the consolidated statement of financial position</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 68%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Lease liability (Other non-current liabilities)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,241</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Lease liability (Other current liabilities)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>605</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Right-of-use asset (Other property, plant and equipment)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,808</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div>The table below shows the amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income as of December 31, 2019 after the adoption of IFRS 16:</div><div> </div><div style="font-weight: bold;">Consolidated income statement and consolidated statement of comprehensive income</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 78%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Year ended</div><div style="text-align: center; font-weight: bold;">December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Lease payment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>442</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Depreciation IFRS 16 (Depreciation and amortization expense)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(405</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">IFRS 16 interest expense (other financial expense)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(72</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr></table><div><br /></div><div>The table below shows the amounts recognized in the consolidated statement of cash flow and reconciliation of changes in liabilities incurred from financing activities:</div><div> </div><div style="font-weight: bold;">Consolidated statement of cash flow and reconciliation of changes in liabilities incurred from financing activities</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 78%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Year ended</div><div style="text-align: center; font-weight: bold;">December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 78%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Principal paid on the lease liability (Repayment principal element of lease liability)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(370</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr></table><div><br /></div><div>In the current year, the Company has applied a number of amendments to IFRS Standards and Interpretations issued by the IASB that are effective for an annual period that begins on or after January 1, 2019. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.</div><div> </div><div style="font-weight: bold;">Amendments to IFRS 9 Prepayment Features with Negative Compensation</div><div> </div><div>The Company has adopted the amendments to IFRS 9 for the first time in the current year. The amendments to IFRS 9 clarify that for the purpose of assessing whether a prepayment feature meets the ‘solely payments of principal and interest’ (“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, financial assets with prepayment features with negative compensation do not automatically fail SPPI.</div><div> </div><div style="font-weight: bold;">Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures</div><div> </div><div>The Company has adopted the amendments to IAS 28 for the first time in the current year. The amendment clarifies that IFRS 9, including its impairment requirements, applies to other financial instruments in an associate or joint venture to which the equity method is not applied. These include long-term interests that, in substance, form part of the entity’s net investment in an associate or joint venture.</div><div> </div><div style="font-weight: bold;">Annual Improvements to IFRS Standards 2015–2017 Cycle</div><div> </div><div>The Company has adopted the amendments included in the Annual Improvements to IFRS Standards 2015–2017 Cycle for the first time in the current year. The Annual Improvements include amendments to four Standards:</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>IAS 12 Income Taxes</div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>IAS 23 Borrowing Costs</div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>IFRS 3 Business Combinations</div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>IFRS 11 Joint Arrangements</div></td></tr></table><div> </div><div style="font-weight: bold;">Amendments to IAS 19 Employee Benefits Plan Amendment, Curtailment or Settlement</div><div> </div><div>The Company has adopted the amendments of IAS 19 for the first time in the current year. 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 step and is recognized in the normal manner in other comprehensive income.</div><div> </div><div>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. The Company 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 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> </div><div style="font-weight: bold;">IFRIC 23 Uncertainty over Income Tax Treatments</div><div> </div><div>The Company has adopted IFRIC 23 for the first time in the current year. IFRIC 23 sets out how to determine the accounting tax position when there is uncertainty over income tax treatments.</div><div> </div><div style="font-weight: bold;"> (b) New and revised IFRSs that are not mandatorily effective (but allow early application) for the year ending December 31, 2019.</div><div> </div><div>The Company has not applied the following new and revised IFRSs that have been issued but are not yet effective:</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>IFRS 17 Insurance Contracts</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IFRS 9, IAS 39 and IFRS 7</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associates or Joint Ventures</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IFRS 3 Definition of a business</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IAS 1 and IAS 8 Definition of material</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Conceptual Framework Amendments to References to the Conceptual Framework in IFRS Standards</div></td></tr></table><div> </div><div>The Company does not expect the adoption of the Standards listed above will have a material impact on its consolidated financial statements in future periods, except as noted below:</div><div> </div><div style="font-weight: bold;">IFRS 17 Insurance Contracts</div><div> </div><div>IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 Insurance Contracts.</div><div> </div><div>IFRS 17 outlines a general model, which is modified for insurance contracts with direct participation features, described as the variable fee approach. The general model is simplified if certain criteria are met by measuring the liability for remaining coverage using the premium allocation approach.</div><div> </div><div>The general model uses current assumptions to estimate the amount, timing and uncertainty of future cash flows and it explicitly measures the cost of that uncertainty. It takes into account market interest rates and the impact of policyholders’ options and guarantees.</div><div> </div><div>The Standard is effective for annual reporting periods beginning on or after January 1, 2021, with early application permitted. It is applied retrospectively unless impracticable, in which case the modified retrospective approach or the fair value approach is applied. An exposure draft Amendments to IFRS 17 addresses concerns and implementation challenges that were identified after IFRS 17 was published. One of the main changes proposed is the deferral of the date of initial application of IFRS 17 by one year to annual periods beginning on or after January 1, 2022.</div><div> </div><div>For the purpose of the transition requirements, the date of initial application is the start of the annual reporting period in which the entity first applies the Standard, and the transition date is the beginning of the period immediately preceding the date of initial application.</div><div> </div><div style="font-weight: bold;">Amendments to IFRS 9, IAS 39 and IFRS 7</div><div> </div><div>In July 2017, the Financial Conduct Authority (“FSA”), which regulates LIBOR, announced that the FCA would no longer compel banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rate Committee (“ARRC”), which identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for USD LIBOR in derivatives and other financial contracts. The Company is not able to predict when USD LIBOR will cease to be available or when there will be sufficient liquidity in alternative markets.</div><div> </div><div>The IASB has issued amendment to IFRS 9, IAS 39 and IFRS 7 that provide certain reliefs in connection with interest rate benchmarking reform. The reliefs relate to hedge accounting and have the effect that the Interbank offered rate (“IBOR”) reform should not generally cause hedge accounting to terminate. However, any hedge ineffectiveness should continue to be recorded in the income statement. The Company has not implemented hedge accounting.</div><div> </div><div>The amendments should be applied for annual periods beginning on or after January 1, 2020, with early application permitted.</div><div> </div><div style="font-weight: bold;">IFRS 10 and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture</div><div> </div><div>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 recognized 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 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 recognized 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> </div><div>The effective date of the amendments has yet to be set by the IASB; however, earlier application of the amendments is permitted. The directors of the Company anticipate that the application of these amendments may have an impact on the group’s consolidated financial statements in future periods should such transactions arise.</div><div> </div><div style="font-weight: bold;">Amendments to IFRS 3 Definition of a “business”</div><div> </div><div>The amendments clarify that while businesses usually have outputs, outputs are not required for an integrated set of activities and assets to qualify as a business. To be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs.</div><div> </div><div>Additional guidance is provided that helps to determine whether a substantive process has been acquired.</div><div> </div><div>The amendments introduce an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. Under the optional concentration test, the acquired set of activities and assets is not a business if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar assets.</div><div><br /></div><div>The amendments are applied prospectively to all business combinations and asset acquisitions for which the acquisition date is on or after the first annual reporting period beginning on or after January 1, 2020, with early application permitted.</div><div><br /></div><div style="font-weight: bold;">Amendments to IAS 1 and IAS 8 Definition of “material”</div><div>The amendments are intended to make the definition of “material” in IAS 1 easier to understand and are not intended to alter the underlying concept of materiality in IFRS Standards. The concept of “obscuring” material information with immaterial information has been included as part of the new definition.</div><div> </div><div>The threshold for materiality influencing users has been changed from “could influence” to “could reasonably be expected to influence”.</div><div> </div><div>The definition of “material” in IAS 8 has been replaced by a reference to the definition of “material” in IAS 1. In addition, the IASB amended other Standards and the Conceptual Framework that contain a definition of “material” or refer to the term “material” to ensure consistency.</div><div> </div><div>The amendments are applied prospectively for annual periods beginning on or after January 1, 2020, with earlier application permitted.</div><div><br /></div><div style="font-weight: bold;">Amendments to References to the Conceptual Framework in IFRS Standards</div><div>Together with the revised Conceptual Framework, which became effective upon publication on March 29, 2018, the IASB has also issued Amendments to References to the Conceptual Framework in IFRS Standards. The document contains amendments to IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS 8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20, IFRIC 22, and SIC-32.</div><div> </div><div>Not all amendments, however, update those pronouncements with regard to references to and quotes from the framework so that they refer to the revised Conceptual Framework. Some pronouncements are only updated to indicate which version of the Framework they are referencing (the IASC Framework adopted by the IASB in 2001, the IASB Framework of 2010, or the new revised Framework of 2018) or to indicate that definitions in the Standard have not been updated with the new definitions developed in the revised Conceptual Framework.</div><div> </div><div>The amendments, where there actually are updates, are effective for annual periods beginning on or after January 1, 2020, with early application permitted.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Specification of temporary differences and deferred tax:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">December 31,</div><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">December 31,</div><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">December 31,</div><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Property, plant and equipment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>(13</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>(164</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>(164</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Pensions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(420</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(539</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(425</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total basis for deferred tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(432</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(703</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(590</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Deferred tax liability(asset), net <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1) ( 2)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(102</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(136</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Deferred tax (asset), gross<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> ( 3)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(126</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>(136</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Deferred tax liability, gross<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (3)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>24</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr></table><div><br /></div><div></div><div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> Due to materiality, recognized in prepaid expenses and not on a separate line in the statements of financial position.</div><div> </div><div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(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><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup> Deferred tax liability is related to the subsidiary in Singapore and cannot be offset with the deferred tax asset related to the subsidiary in Norway.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Stock Compensation Series</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 47%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Number of</div><div style="text-align: center; font-weight: bold;">shares/options</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 9%;"><div style="text-align: center; font-weight: bold;">Vesting</div><div style="text-align: center; font-weight: bold;">Period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Fair value</div><div style="text-align: center; font-weight: bold;">at grant date</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(1) Granted October 2005, stock options</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>965</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">10 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>144.00</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(2) Granted March 2012, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>14,515</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>13.80</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(3) Granted June 2013, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>155,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">4 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>4.15</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(4) Granted June 2013, stock options</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>155,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">5 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>1.31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(5) Granted June 2013, stock options</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>155,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">5 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>0.97</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(6) Granted February 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>29,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>6.92</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(7) Granted February 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>29,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>6.33</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(8) Granted February 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>29,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5.63</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(9) Granted February 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>88,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>7.61</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(10) Granted June 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>95,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>6.41</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(11) Granted June 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>95,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>5.74</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(12) Granted June 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>95,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5.13</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(13) Granted June 2014, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>287,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>7.15</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(14) Granted January 2015, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>850,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>8.81</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(15) Granted January 2016, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>824,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>6.65</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(16) Granted January 2017, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>900,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>4.61</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(17) Granted January 2018, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>355,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">1 year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>3.92</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(18) Granted January 2018, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>212,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>2.30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(19) Granted January 2019, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>360,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>4.25</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(255, 255, 255);"><div>(20) Granted January 2019, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>200,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);"><div style="text-align: right;">3 years</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>3.04</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 47%; background-color: rgb(204, 238, 255);"><div>(21) Granted March 2019, restricted shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>210,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">1 year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>4.60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Note 12 – Related parties</font></div><div> </div><div><font style="background-color: #FFFFFF;">Related party transactions relate to the Company’s subsidiaries, associated company, employees and members of the board of directors.</font></div><div> </div><div><font style="background-color: #FFFFFF;">Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in this note.</font></div><div> </div><div><font style="background-color: #FFFFFF;">Subsequent to DHT’s acquisition of the shares in Samco, the Company owns 50% of Goodwood.  As of December 31, 2019, Goodwood is the technical manager for 24 of the Company’s vessels.  In 2019, total technical management fees paid to Goodwood were $3,300 thousand.  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.</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div></div>
47000000
0
0
0
0
0
0
28685000
0
28685000
0
0
0
0
11487000
11487000
0
0
23328000
0
0
23328000
0
0
0
2900000
7600000
10100000
2900000
2800000
2900000
2800000
2900000
7300000
11400000
2800000
7100000
11487000
23328000
28685000
28685000
11487000
23328000
0.08
0.02
0.02
0.20
0.32
0.08
0.02
0.05
0.02
0.20
0.08
0.05
0.02
0.02
0.02
0.08
409000
415000
513000
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>The components of the calculation of basic EPS and diluted EPS are as follows:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div>Profit/(loss) for the period used for calculation of EPS - basic</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>73,679</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(46,927</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>6,602</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div>Interest and amortization on the convertible notes</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>12,177</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div>Profit/(loss) for the period used for calculation of EPS - dilutive</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>85,856</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(46,927</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>6,602</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="font-style: italic;"><u>Basic earnings per share:</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div>Weighted average shares outstanding - basic</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>143,437,164</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>143,429,610</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>124,536,338</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div style="font-style: italic;"><u>Diluted earnings per share:</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div>Weighted average shares outstanding - basic</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>143,437,164</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>143,429,610</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>124,536,338</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0);">Dilutive equity awards</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">133,342</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">5,311</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0);">Dilutive shares related to convertible notes</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">24,589,370</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div>Weighted average shares outstanding - dilutive</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>168,159,876</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>143,434,921</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>124,536,338</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td></tr></table></div>
313000
216000
404000
861668000
932449000
925892000
1424000
0
32000
934000
881097000
1424000
1145107000
1427000
0
1140794000
5676000
-203000
0
0
0
5676000
1848000
85000
0
921158000
-226821000
85000
1140794000
8283000
0
685011000
-222087000
-205099000
-285383000
-1364000
-4734000
-240165000
73000
0
5000
1169537000
-4734000
0
0
0
0
1468000
1531000
0
0
962796000
939154000
1827218000
1863856000
1081780000
1086864000
861668000
932444000
4806000
2532000
2458000
155140000
175204000
1001645000
890569000
743000
597000
1976000
563000
1380000
503000
653000
606000
793000
699000
580000
1681000
5736000
1789000
1425000
15600000
1961000
1748000
1859000
1780000
-1055000
227000
119000
0
0
0
-5191000
2154000
-9863000
17180000
15052000
14789000
13735000
13764000
14782000
855593000
723031000
996301000
1177298000
307692000
0
140707000
146574000
0
0
8540000
3500000
0
-455000
93452000
4948000
85500000
3500000
166400000
7500000
124800000
-3500000
0
0
0
-3500000
131000
83000
131000
83000
131000
131000
-27588000
17652000
-32003000
6242000
4709000
5497000
0
0
0
0
0
0
74644000
-74644000
0
-99000
-16000
47000
0
0
0
26435000
0
44000
0
26391000
0
-6426000
168345000
129400000
-91440000
38945000
-98243000
-7000
-370000
0
2720000
0
0
0
3589000
-869000
1732000
1732000
0
4948000
-3827000
0
-2607000
7543000
0
0
0
0
6414000
0
0
8000
0
0
2331000
12000
-317000
2599000
0
2640000
13000
0
5086000
336890000
0
-6750000
325004000
-336890000
-2493000
0
6800000
0
-30552000
-336890000
0
-39795000
2407000
1430000
2407000
1430000
54211000
55332000
40109000
9229000
10341000
12177000
27000
20000
36000
4772000
4388000
201000
201000
468941000
468817000
3165000
0
0
0
0
3165000
0
0
0
254367000
0
477000
0
0
0
254845000
1427000
1468000
1427000
1468000
8433000
5556000
6441000
202000
155000
36000
2003000
4107000
2250000
4171000
3989000
3518000
529000
1484000
1002188000
894768000
118984000
147710000
968759000
0
823299000
32009000
786204000
111968000
687942000
98262000
1484000
734404000
853817000
116568000
967275000
0
2846000
1111000
2090000
1708000
1439000
873460000
750586000
116568000
111968000
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>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, 2019 (and spot rate at December 31, 2018 for comparatives) is used as a basis for preparation.</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 32%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">As of December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; border-bottom: 2px solid rgb(0, 0, 0);"><div> </div><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;"></div><div style="text-align: center; font-weight: bold;">1 year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2 to 5</div><div style="text-align: center; font-weight: bold;">years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">More than</div><div style="text-align: center; font-weight: bold;">5 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right;"></div><div style="text-align: center; font-weight: bold;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest bearing loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>140,707</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>855,593</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>996,301</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest rate swaps</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>3,523</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>8,105</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>11,629</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">144,230</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">863,699</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,007,929</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr></table><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 32%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">As of December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; border-bottom: 2px solid rgb(0, 0, 0);"><div> </div><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;"></div><div style="text-align: center; font-weight: bold;">1 year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2 to 5</div><div style="text-align: center; font-weight: bold;">years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">More than</div><div style="text-align: center; font-weight: bold;">5 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right;"></div><div style="text-align: center; font-weight: bold;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest bearing loans</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>146,574</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>723,031</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>307,692</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>1,177,298</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest rate swaps</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>593</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>1,832</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>2,424</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">147,167</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">724,863</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">307,692</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,179,722</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr></table></div>
155140000
175204000
60196000
107848000
Goodwood Ship Management Pte. Ltd.
Samco Gamma Ltd
DHT Lotus Inc
DHT Eagle, Inc.
Samco Epsilon Ltd
DHT Jaguar Limited
Samco Theta Ltd
Chris Tanker Corporation
DHT Falcon Inc
DHT Raven Inc
DHT Utik, Inc
Samco Delta Ltd
DHT Puma Limited
DHT Opal Inc
DHT Peony Inc
Samco Iota Ltd
DHT Tiger Limited
DHT Hawk Inc
DHT Panther Limited
DHT Mustang Inc
Samco Kappa Ltd
DHT Stallion Inc
DHT Edelweiss Inc
Sophie Tanker Corporation
DHT Lake Inc
DHT Lion Limited
DHT Condor, Inc.
Samco Eta Ltd
DHT Leopard Limited
DHT Phoenix, Inc.
Ann Tanker Corporation
DHT Utah, Inc
Cathy Tanker Corporation
DHT Bronco Inc
DHT Colt Inc
DHT Bauhinia Inc
2424000
8105000
1832000
11629000
593000
0
3523000
0
5000
0
1608932000
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1364000
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1364000
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P3Y
P5Y
P3Y
P20Y
P20Y
3.04
2.30
9.64
3.5637
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0.0318
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P0Y10M13D
143437164
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false
--12-31
2019-12-31
No
No
Yes
Accelerated Filer
DHT Holdings, Inc.
0001331284
146819401
2019
FY
20-F
true
false
false
Yes
false
false
0.03012
0.02897
0.03019
0.028785
0.02885
0.03020
0.028665
0.03019
0.02987
2023-09-29
2023-09-29
2023-09-29
2023-09-30
2023-06-30
2023-04-20
2023-09-29
2023-04-20
2023-09-29
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>The table below shows the initial recognition lease liability and right of use asset as of January 1, 2019:</div><div> </div><div style="font-weight: bold;">Initial recognition lease liability and right of use asset</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 95%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 83%;"><div style="font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 83%;"><div style="font-style: italic;">Reconciliation of lease liability recognized to gross payments</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">As of January 1, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(204, 238, 255);"><div>Operating lease commitment at December 31, 2018 as disclosed</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>529</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(255, 255, 255);"><div style="margin-left: 9pt;">- Extension options reasonably certain to be exercised</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>1,162</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(204, 238, 255);"><div style="margin-left: 9pt;">- Practical expedient related to short-term leases</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(3</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(255, 255, 255);"><div style="margin-left: 9pt;">- Practical expedient related to low-value leases</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(204, 238, 255);"><div style="margin-left: 9pt;">- Discounting using the incremental borrowing rate as of January 1, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(204</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(255, 255, 255);"><div>Lease liability recognized at initial application of IFRS 16 as of January 1, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>1,484</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(204, 238, 255);"><div>The weighted average incremental borrowing rate applied:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>4.03</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>%</div></td></tr></table></div>
374000
874000
526574000
563349000
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">FINANCIAL POSITION</div><div> </div><div style="font-style: italic;">(Dollars in thousands)</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">ASSETS</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Current assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">22,492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">17,783</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts receivable and prepaid expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>874</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>374</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amounts due from related parties</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">62,822</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">36,216</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total current assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">86,188</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">54,372</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Investments in subsidiaries</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">468,817</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">468,941</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Loan to subsidiaries</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">526,574</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">563,349</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Investment in associate company</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">201</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">201</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total non-current assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">995,593</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">1,032,491</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">1,081,780</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">1,086,864</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">LIABILITIES AND STOCKHOLDERS’ EQUITY</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Current liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts payable and accrued expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,416</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>3,733</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Current portion long term debt</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">32,009</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total current liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">2,416</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">35,742</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Non-current liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Long term debt</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">116,568</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">111,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total non-current liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">116,568</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">111,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">118,984</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">147,710</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Stockholders’ equity</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Stock</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">1,468</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">1,427</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Treasury shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(1,364</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Paid-in additional capital</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">1,121,047</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">1,097,099</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accumulated deficit</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(159,719</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(158,009</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total stockholders equity</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">962,796</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">939,154</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total liabilities and stockholders’ equity</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000; font-weight: bold;">1,081,780</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000; font-weight: bold;">1,086,864</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">CASH FLOW</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Cash Flows from Operating Activities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Profit/(loss) for the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(86,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">20,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-style: italic;">Items included in net income not affecting cash flows:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">5,459</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">4,733</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">4,170</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Impairment charge</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(455</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">93,452</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">4,948</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Compensation related to options and restricted stock</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">693</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">663</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">4,948</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">(Gain)/loss purchase convertible bond</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">3,589</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(1,035</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-style: italic;">Changes in operating assets and liabilities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts receivable and prepaid expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(125</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">4,305</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts payable and accrued expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(1,317</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">2,279</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(291</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amounts due to related parties</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(63,280</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(72,365</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">11,782</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net cash provided by/(used in) operating activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(32,425</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(53,917</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">49,119</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Cash flows from Investing Activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Loan to subsidiaries</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">75,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">58,990</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">82,814</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Investment in vessels under construction</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(21,263</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(86,004</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net cash provided by/(used in) investing activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">75,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">37,727</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(3,191</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Cash flows from Financing Activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Cash dividends paid</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(28,685</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(11,487</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(23,328</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Purchase of treasury shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(3,248</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(5,026</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Issuance of convertible bonds</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(7</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">38,945</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Repayment of convertible bonds</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(6,426</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Purchase of convertible bonds</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(17,104</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net cash (used in)/provided by financing activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(38,366</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">22,432</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(40,431</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Net increase/(decrease) in cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">4,709</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">6,242</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">5,497</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Cash and cash equivalents at beginning of period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">17,783</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">11,540</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">6,043</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Cash and cash equivalents at end of period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">22,492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">17,783</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">11,540</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Statement of Comprehensive Income</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Profit/(loss) for the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(86,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">20,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total comprehensive income/(loss) for the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">(86,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">20,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Attributable to the owners</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">(86,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">20,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">INCOME STATEMENT</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000; font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000; font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000; font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Impairment charge</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">455</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(93,452</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(4,948</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Dividend income</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">25,519</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">9,909</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">25,415</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">General and administrative expense</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(14,782</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(13,735</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(13,764</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Operating income/(loss)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">11,192</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(97,279</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">6,703</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Interest income</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">27,943</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">24,893</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">21,798</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Interest expense</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(12,177</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(10,341</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(9,229</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Other financial income/(expenses)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">17</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(3,416</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Profit/(loss) for the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">(86,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">20,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Equity Reconciliation</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">December 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">December 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Equity of the parent company only under cost method of accounting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">962,796</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">939,154</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Additional profit if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">69,731</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">22,762</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Equity of the parent company only under equity method of accounting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">1,032,527</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">961,915</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Profit/(Loss) Reconciliation</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Profit/(loss) of the parent company only under cost method of accounting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(86,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">20,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Additional profit/(loss) if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">46,969</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">39,014</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(13,664</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Profit/(loss) of the parent company only under equity method of accounting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">73,944</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(47,128</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">6,628</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table></div>
-47128000
73944000
6628000
46969000
39014000
-13664000
-86143000
26975000
20293000
-125000
4305000
-500000
72365000
-11782000
63280000
-82814000
-75500000
-58990000
3589000
0
-1035000
0
21263000
86004000
22762000
69731000
962796000
939154000
961915000
1032527000
9500000
25000000
25007000
0.25
0.25
0.25
125000000
39000000
0
436261000
0
56120000
209628000
866009000
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Derivatives - interest rate swaps</div><div> </div><div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td valign="bottom" style="width: 37%; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="width: 15%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">Notional amount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">Fair value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 37%; padding-bottom: 2px; vertical-align: bottom;"><div style="text-indent: -7.2pt; font-style: italic; margin-left: 7.2pt;">(Dollars in thousands)</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">Expires</div></td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 2.987%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Apr. 20, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>44,400</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>46,800</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,748</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>699</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 3.012%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right;">Apr. 20, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>44,400</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>46,800</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>1,780</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>743</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 3.019%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>33,310</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>35,877</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,425</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>580</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 3.019%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>32,396</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>34,963</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>1,380</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>563</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 2.8665%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>48,830</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>51,400</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,976</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>606</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 2.8785%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right;">Jun. 30, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>43,240</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>45,807</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>1,681</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>503</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 2.885%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>48,188</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>50,115</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>1,961</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>653</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 2.897%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right;">Sept. 30, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>43,419</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>45,986</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>1,789</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>597</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 3.020%, receive floating</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>41,734</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>44,301</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>1,859</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>793</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 37%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Total carrying amount</div></td><td valign="bottom" style="width: 15%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;"> </div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">379,916</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">402,049</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">15,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">5,736</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr></table><div><br /></div><div style="font-weight: bold;"><font style="background-color: rgb(255, 255, 255);">Interest-bearing debt</font></div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" 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 colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" 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="text-align: center; font-weight: bold;">Remaining</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">Carrying amount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-indent: -7.2pt; font-style: italic; margin-left: 7.2pt;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">Interest</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">notional</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="text-align: center; padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Credit Agricole Credit Facility</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right;">LIBOR + 2.19 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><br /></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>56,120</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>55,719</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>62,166</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Danish Ship Finance Credit Facility</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right;">LIBOR + 2.25 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div><br /></div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>39,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>38,929</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>41,437</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Nordea BW VLCC Acquisition Credit Facility</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right;">LIBOR + 2.40 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><br /></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>209,628</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>207,175</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>254,870</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">ABN Amro Credit Facility</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right;">LIBOR + 2.40 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><br /></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>436,261</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>432,581</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>464,826</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">ABN Amro Revolving Credit Facility</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right;">LIBOR + 2.50 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 52%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2019</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>4.50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>32,009</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 52%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2021</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>4.50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><br /></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>125,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>116,568</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div>111,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 52%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Total carrying amount</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><br /></td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">866,009</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">850,972</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">967,275</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr></table><div><br /></div></div></div>
2020-02-18
0.32
460000
253334
2020-02-25
53333
153333
2020-02-05
38900000
41600000
-1553000
-26434000
-26434000
-3165000
1613000
0
0
0
0
2545000
4607000
11559000
8003000
1545000
3188000
851000
6826000
0
2700000
-1805000
-3099000
-2152000
9
2
50000000
45000000
13500000
31500000
9
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>Contract balances and related disclosures have been included in the following places in the notes to the Company’s consolidated financial statements:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td style="width: 60%; vertical-align: bottom;"> </td><td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Note</div></div></td></tr><tr><td style="width: 60%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Accounts receivable and accrued revenues</div></td><td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">notes 8,9</div></td></tr></table><div><br /></div><div>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:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 75%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 51%;"><div style="font-weight: bold;"> </div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 51%; background-color: rgb(204, 238, 255);"><div>Capitalized voyage expense</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0);">4,151</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0);">1,633</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>The below table details the Company’s shipping revenues:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 70%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 34%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 34%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Time charter revenues*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>57,472</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>64,462</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>100,310</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 34%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Voyage charter revenues**</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>477,595</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>311,480</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>254,742</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 34%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other shipping revenues</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 34%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Shipping revenues</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">535,068</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">375,941</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">355,052</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000;" /><div><br /></div><div>*2019 time charter revenue is presented in accordance with IFRS 16 <font style="font-style: italic;">Leases</font>,<font style="font-style: italic;"> </font>while the portion of time charter revenue related to technical management services, equaling $14.8 million, is presented in accordance with IFRS 15 <font style="font-style: italic;">Revenue from Contracts with Customers</font>.</div><div>**2019 and 2018 voyage charter revenue is presented in accordance with IFRS 15 <font style="font-style: italic;">Revenue from Contracts with Customers.</font>  The comparative information has not been restated.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>The following summarizes the Company’s vessel employment as of December 31, 2019:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"><tr><td style="width: 33.33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Vessel</div></div></td><td colspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td><td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Type of Employment</div></div></td><td colspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td><td style="width: 33.33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Expiry</div></div></td></tr><tr><td style="width: 33.33%; vertical-align: bottom;"><div>VLCC</div></td><td colspan="1" style="width: 1%; vertical-align: bottom;"> </td><td style="width: 32%; vertical-align: bottom;"> </td><td colspan="1" style="width: 1%; vertical-align: bottom;"> </td><td style="width: 33.33%; vertical-align: bottom;"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Amazon</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Q4 2021</div></td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Bauhinia</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Bronco</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT China</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Q2 2021</div></td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Colt</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Condor</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Edelweiss</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Europe</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Falcon</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Hawk</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Jaguar</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Lake</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Leopard</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Lion</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Lotus</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Q1 2020</div></td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Mustang</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Opal</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Panther</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Peony</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Puma</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Raven</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Redwood</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Scandinavia</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Stallion</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Sundarbans</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Q4 2021</div></td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Taiga</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Q4 2022</div></td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Tiger</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>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:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 48%;"><div style="color: rgb(0, 0, 0); font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 48%;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Amount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0);">2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">47,413</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0);">2021</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">35,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0);">2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">8,325</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0);">2023</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0);">Thereafter</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Net charter payments:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">91,556</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table></div>
300000
P3Y
1300000
1800000
50000000
57300000
5000000
50000000
320000
200000
27
1
3
35
23
7
1
8360850
20
7
8325000
91556000
47413000
0
35818000
0
1
2
11
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Time charter contracts:</font></div><div> </div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 40%;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 16%;"><br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Carrying amount</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Carrying amount</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 40%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 16%;"><div><div style="text-align: center; font-weight: bold;">Expected useful life</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">DHT China charter</div></td><td valign="bottom" style="vertical-align: bottom; width: 16%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Finite</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>1,430</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>2,407</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td valign="bottom" style="vertical-align: bottom; width: 16%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div style="font-weight: bold;">1,430</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div style="font-weight: bold;">2,407</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Vessels and time charter contracts</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Vessels</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Drydock</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Scrubbers</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Time</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">charter</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">contracts</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Cost</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,007,385</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>44,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>12,652</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>6,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">2,071,456</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Additions*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(42</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(375</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(721</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(1,139</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred from vessels upgrades</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">6,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">2,493</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">30,552</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">39,795</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Disposals</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(3,116</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(3,116</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">2,014,093</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">43,820</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">42,482</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">6,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">2,106,997</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Accumulated depreciation and impairment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(391,894</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(9,171</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(388</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(4,193</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(405,647</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Charge for the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(96,102</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(11,824</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(6,118</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(978</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(115,022</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Disposals</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">3,116</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">3,116</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(487,996</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(17,880</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(6,507</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(5,170</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(517,553</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Net book value</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">1,526,097</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">25,941</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">35,976</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">1,430</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">1,589,444</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Cost</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>1,767,117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>36,441</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>6,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">1,810,158</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">113</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">7,695</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">7,566</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">15,373</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred from vessels under construction</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">325,004</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">6,800</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">5,086</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">336,890</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred to asset held for sale</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Disposals</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(84,848</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(6,117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(90,965</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">2,007,385</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">44,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">12,652</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">6,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">2,071,456</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Accumulated depreciation and impairment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(359,066</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(3,731</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(3,215</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(366,013</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Charge for the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(91,551</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(10,342</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(388</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(978</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(103,259</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Impairment charges</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(3,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(3,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred to asset held for sale</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Disposals</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">62,224</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">4,902</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">67,125</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(391,894</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(9,171</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(388</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(4,193</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(405,647</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Net book value</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">1,615,492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">35,647</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">12,264</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">2,407</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">1,665,810</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Vessels under construction</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">114,759</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">114,759</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">222,131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">222,131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred to vessels</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(336,890</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(336,890</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Vessel upgrades</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">8,121</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">2,493</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">40,832</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">51,446</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred to vessels</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(6,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(2,493</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(30,552</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(39,795</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">1,371</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">10,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">11,652</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><div>*Additions in 2019 relates to adjustments to capitalized expenses in 2018</div></div>
300
11
2
2
4
24705
40347
7900000
0.2
104500000
4000
1400
0
0
0
0
0
0
0
0
0
0
-978000
-103259000
-978000
-11824000
-91551000
-10342000
-96102000
-115022000
-388000
-6118000
55800000
15154
1368
0.0857
21349
6363
P15Y
39795000
6750000
2493000
0
30552000
-1139000
0
-42000
-721000
-375000
RIF
Hong Kong
IOM
IOM
IOM
RIF
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
IOM
Hong Kong
Marshall Islands
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Marshall Islands
Hong Kong
Hong Kong
Hong Kong
RIF
Hong Kong
Hong Kong
Hong Kong
Hong Kong
IOM
Hong Kong
Hong Kong
Marshall Islands
Hong Kong
Hong Kong
Hong Kong
Hong Kong
314249
320105
115000
298563
299629
317975
320050
301021
298923
317794
320013
309285
320142
317713
298971
319713
317975
319713
314249
307151
299450
317826
299629
298564
115000
314249
299629
299498
309327
299629
299629
314249
299629
309064
301019
2007
2015
2001
2003
2004
2006
2011
2004
2007
2002
2007
2016
2016
2017
2018
2008
2011
2018
2011
2012
2018
2018
2012
2001
2016
2007
2004
2001
2012
2004
2001
2006
2011
1999
2016
-164000
-13000
-164000
-539000
-420000
-425000
0
0
0
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Note 6 – Vessels and subsidiaries</div><div> </div><div>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 three subsidiaries, DHT Management S.A.M. (Monaco), DHT Management AS (Norway) and DHT Ship Management (Singapore) Pte. Ltd., that 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> </div><table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td style="width: 30%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Company</div></td><td style="width: 22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Vessel name</div></td><td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Dwt</div></td><td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Flag State</div></td><td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Year Built</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Mustang Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Mustang</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 317,975</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2018</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Bronco Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Bronco</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 317,975</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2018</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Colt Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Colt</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 319,713</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2018</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Stallion Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Stallion</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 319,713</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2018</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Tiger Limited</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Tiger</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 299,629</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2017</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Puma Limited</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Puma</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 299,629</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2016</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Panther Limited</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Panther</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 299,629</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2016</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Lion Limited</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Lion</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 299,629</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2016</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Leopard Limited</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Leopard</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 299,629</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2016</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Jaguar Limited</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Jaguar</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 299,629</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2015</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Opal Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Opal</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">320,105</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">IOM</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2012</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Samco Theta Ltd</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Sundarbans</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 314,249</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">RIF</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2012</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Iota Ltd</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Taiga</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 314,249</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2012</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Peony Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Peony</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 320,013</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2011</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Lotus Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Lotus</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 320,142</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2011</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Samco Eta Ltd</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Amazon</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 314,249</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">RIF</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2011</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Kappa Ltd</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Redwood</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 314,249</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2011</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Edelweiss Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Edelweiss</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 301,021</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2008</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Epsilon Ltd</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT China</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 317,794</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">RIF</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2007</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Samco Delta Ltd</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Europe</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 317,713</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Marshall Islands</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2007</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Bauhinia Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Bauhinia</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 301,019</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">IOM</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2007</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Hawk Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Hawk</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 298,923</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2007</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Gamma Ltd</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Scandinavia</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 317,826</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2006</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Falcon Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Falcon</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 298,971</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2006</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Lake Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Lake</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 298,564</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2004</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Raven Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Raven</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 298,563</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">IOM</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2004</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Condor, Inc.</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Condor</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 320,050</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2004</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Eagle, Inc.</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Eagle **</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 309,064</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2002</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Utah, Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Utah **</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 299,498</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">IOM</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2001</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>DHT Utik, Inc</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Utik **</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 299,450</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">IOM</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2001</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Chris Tanker Corporation</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Chris ***</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 309,285</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2001</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Ann Tanker Corporation</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Ann ****</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 309,327</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2001</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Phoenix, Inc.</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Phoenix *****</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 307,151</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">1999</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Cathy Tanker Corporation</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="font-style: italic;">DHT Cathy*</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;"> 115,000</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Marshall Islands</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: right;">2004</div></td></tr><tr><td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Sophie Tanker Corporation</div></td><td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Sophie*</div></td><td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;"> 115,000</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Marshall Islands</div></td><td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: right;">2003</div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000;" /><div><br /></div><div>* 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>** 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>*** The DHT Chris was sold and delivered to new owners in January 2017.</div><div>**** The DHT Ann was sold and delivered to new owners in May 2017.</div><div>***** The DHT Phoenix was sold and delivered to new owners in June 2017.</div><div> </div><div style="font-weight: bold;">Vessels and time charter contracts</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Vessels</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Drydock</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Scrubbers</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Time</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">charter</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">contracts</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Cost</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,007,385</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>44,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>12,652</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>6,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">2,071,456</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Additions*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(42</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(375</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(721</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(1,139</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred from vessels upgrades</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">6,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">2,493</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">30,552</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">39,795</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Disposals</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(3,116</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(3,116</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">2,014,093</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">43,820</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">42,482</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">6,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">2,106,997</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Accumulated depreciation and impairment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(391,894</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(9,171</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(388</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(4,193</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(405,647</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Charge for the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(96,102</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(11,824</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(6,118</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(978</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(115,022</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Disposals</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">3,116</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">3,116</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(487,996</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(17,880</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(6,507</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(5,170</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(517,553</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Net book value</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">1,526,097</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">25,941</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">35,976</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">1,430</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">1,589,444</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Cost</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>1,767,117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>36,441</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>6,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">1,810,158</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">113</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">7,695</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">7,566</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">15,373</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred from vessels under construction</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">325,004</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">6,800</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">5,086</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">336,890</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred to asset held for sale</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Disposals</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(84,848</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(6,117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(90,965</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">2,007,385</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">44,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">12,652</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">6,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">2,071,456</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Accumulated depreciation and impairment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(359,066</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(3,731</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(3,215</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(366,013</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Charge for the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(91,551</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(10,342</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(388</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(978</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(103,259</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Impairment charges</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(3,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(3,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred to asset held for sale</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Disposals</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">62,224</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">4,902</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">67,125</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(391,894</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(9,171</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(388</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(4,193</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(405,647</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Net book value</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">1,615,492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">35,647</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">12,264</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">2,407</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">1,665,810</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Vessels under construction</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">114,759</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">114,759</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">222,131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">222,131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred to vessels</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(336,890</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(336,890</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Vessel upgrades</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">8,121</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">2,493</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">40,832</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">51,446</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred to vessels</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(6,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(2,493</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(30,552</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(39,795</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">1,371</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">10,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">11,652</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><div>*Additions in 2019 relates to adjustments to capitalized expenses in 2018</div><div> </div><div>In March 2017, the Company acquired 11 VLCCs, including two newbuildings which were delivered in 2018.</div><div> </div><div style="font-style: italic;">Vessels under construction</div><div> </div><div>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> </div><div style="font-style: italic;">Depreciation</div><div> </div><div>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, reflecting the period they are expected to be of use providing economical values.</div><div> </div><div style="font-style: italic;">Carrying Value and Impairment</div><div> </div><div>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 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 instances where a vessel is considered impaired, it is written down to its recoverable amount.  Each reporting period, we assess whether there is an indication that an impairment loss recognized in prior periods may no longer exist or may have decreased.  In evaluating impairment or reversal of prior impairment charges under IFRS, we consider the higher of (i) fair market value less cost of disposal and (ii) the present value of the future cash flows of a vessel, or “value in use.”  The fair market value of our vessels is monitored by obtaining charter-free broker valuations as of specific dates.  This assessment has been made at the individual vessel level.</div><div> </div><div>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, and in particular for estimating future charter rates, are based on historical trends and current market conditions, 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.</div><div> </div><div>The more significant factors that could impact management’s assumptions regarding time charter equivalent rates include (i) unanticipated changes in demand for transportation of crude oil cargoes, (ii) changes in production or supply of or demand for oil, generally or in specific geographical regions, (iii) the levels of tanker newbuilding orders or the levels of tanker scrappings, (iv) changes in rules and regulations applicable to the tanker industry, including legislation adopted by international organizations such as the IMO or by individual countries and vessels’ flag states, (v) changes in our vessels’ relative exposure to the spot and time charter markets and (vi) the prevalence of profit sharing arrangements in our time charter contracts.</div><div> </div><div>When calculating the charter rate to use for a particular vessel class in its impairment testing, we rely on the contractual rates currently in effect for the remaining term of existing charters and estimated daily time charter equivalent rates for each vessel class for the unfixed days over the estimated remaining useful lives of each of the vessels as described below.</div><div> </div><div>Although management believes that the assumptions used to evaluate potential impairment or reversal of prior impairment charges are reasonable and appropriate at the time they are made, such assumptions are highly subjective and could change, possibly materially, in the future.  Reasonable changes in the assumptions for the discount rate or future charter rates could lead to a value in use for some of our vessels that is higher than, equal to or less than the carrying amount for such vessels.</div><div> </div><div>In 2019, we did not perform an impairment test because we concluded that there were no indicators of impairment or reversal of prior impairment. The key factors evaluated included the development in estimated values for our tankers, market conditions, our estimated WACC and the carrying amount of our net assets compared to our market capitalization as of December 31, 2019.</div><div> </div><div>In the third quarter of 2018, we recorded an impairment charge of $3.5 million related to the agreed upon sale of DHT Cathy and DHT Sophie. The impairment charge reflected the difference between the carrying value of the vessels and the estimated net sales price. The sale was agreed to in October 2018 and the vessels were delivered to the buyer in December 2018.</div><div> </div><div>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;">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 were as follows: (a) the current Forward Freight Agreements (“FFA”) for the first two years, estimated by Marex Spectron, and (b) the 25-year historical average spot rates as reported by Clarksons Shipping Intelligence thereafter.  The company’s decision to use FFA rates for the first two years was based on the company’s increased exposure to the spot market and the limited market availability of FFA rates beyond the first two years. The company’s determination to use historical average spot rates rather than time charter rates was based on the company’s increased exposure to the spot market, as well as the increased prevalence of profit sharing arrangements in time charter contracts, the upside of which are not reflected in historical time charter rates, rendering historical time charter rates less useful for predicting future time charter earnings. The company’s determination to use the 25-year historical average for spot rates was based on the company’s belief that such time period provides a rate that is most representative of longer term performance as it mitigates the impact of the highly cyclical nature of the tanker industry.  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 were reduced by 20% for vessels above the age of 15 years based on lower earnings for the company’s older vessels due to (a) charterers demanding lower rates for older vessels, (b) longer waiting time for cargo for older vessels as charterers prefer the younger vessels and (c) older vessels being less fuel-efficient. Also, reflecting the lower fuel consumption for modern vessels, $4,000 per day has been added through 2025 for VLCCs built in 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> </div><div><font style="background-color: #FFFFFF;">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 were 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> </div><div style="font-style: italic;"><font style="background-color: #FFFFFF;">Intangible assets</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Time charter contracts:</font></div><div> </div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 40%;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 16%;"><br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Carrying amount</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Carrying amount</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 40%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 16%;"><div><div style="text-align: center; font-weight: bold;">Expected useful life</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">DHT China charter</div></td><td valign="bottom" style="vertical-align: bottom; width: 16%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Finite</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>1,430</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>2,407</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td valign="bottom" style="vertical-align: bottom; width: 16%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div style="font-weight: bold;">1,430</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div style="font-weight: bold;">2,407</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><div><font style="background-color: #FFFFFF;">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 remaining amortization period of the intangible asset is 1.5 years.  The time charter contract is presented on the same line as vessels in the statement of financial position.</font></div><div> </div><div style="font-style: italic;"><font style="background-color: #FFFFFF;">Pledged assets</font></div><div> </div><div><font style="background-color: #FFFFFF;">All of the Company’s vessels have been pledged as collateral under the Company’s secured credit facilities.</font></div><div> </div><div style="font-style: italic;"><font style="background-color: #FFFFFF;">Technical Management Agreements</font></div><div> </div><div><font style="background-color: #FFFFFF;">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 drydockings, 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.</font></div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Note 16 – Condensed Financial Information of DHT Holdings, Inc. (parent company only)</font></div><div> </div><div><font style="background-color: #FFFFFF;">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 exceed 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> </div><div><font style="background-color: #FFFFFF;">The restricted net assets of consolidated subsidiaries exceeded 25% of the consolidated net assets of the parent company as of December 31, 2019, 2018 and 2017.  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> </div><div style="font-weight: bold;">FINANCIAL POSITION</div><div> </div><div style="font-style: italic;">(Dollars in thousands)</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">ASSETS</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Current assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">22,492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">17,783</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts receivable and prepaid expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>874</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>374</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amounts due from related parties</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">62,822</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">36,216</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total current assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">86,188</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">54,372</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Investments in subsidiaries</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">468,817</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">468,941</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Loan to subsidiaries</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">526,574</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">563,349</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Investment in associate company</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">201</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">201</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total non-current assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">995,593</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">1,032,491</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">1,081,780</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">1,086,864</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">LIABILITIES AND STOCKHOLDERS’ EQUITY</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Current liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts payable and accrued expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,416</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>3,733</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Current portion long term debt</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">32,009</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total current liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">2,416</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">35,742</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Non-current liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Long term debt</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">116,568</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">111,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total non-current liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">116,568</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">111,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">118,984</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">147,710</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Stockholders’ equity</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Stock</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">1,468</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">1,427</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Treasury shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(1,364</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Paid-in additional capital</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">1,121,047</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">1,097,099</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accumulated deficit</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(159,719</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(158,009</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total stockholders equity</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">962,796</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">939,154</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total liabilities and stockholders’ equity</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000; font-weight: bold;">1,081,780</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000; font-weight: bold;">1,086,864</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><div style="font-weight: bold;">INCOME STATEMENT</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000; font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000; font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000; font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Impairment charge</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">455</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(93,452</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(4,948</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Dividend income</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">25,519</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">9,909</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">25,415</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">General and administrative expense</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(14,782</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(13,735</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(13,764</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Operating income/(loss)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">11,192</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(97,279</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">6,703</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Interest income</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">27,943</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">24,893</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">21,798</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Interest expense</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(12,177</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(10,341</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(9,229</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Other financial income/(expenses)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">17</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(3,416</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Profit/(loss) for the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">(86,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">20,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Statement of Comprehensive Income</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Profit/(loss) for the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(86,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">20,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total comprehensive income/(loss) for the period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">(86,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">20,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Attributable to the owners</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">(86,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">20,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table><div><br /></div><div><font style="background-color: #FFFFFF;">In the condensed financial statements of the 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> </div><div style="font-weight: bold;">CASH FLOW</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Cash Flows from Operating Activities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Profit/(loss) for the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(86,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">20,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-style: italic;">Items included in net income not affecting cash flows:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">5,459</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">4,733</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">4,170</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Impairment charge</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(455</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">93,452</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">4,948</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Compensation related to options and restricted stock</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">693</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">663</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">4,948</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">(Gain)/loss purchase convertible bond</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">3,589</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(1,035</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-style: italic;">Changes in operating assets and liabilities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts receivable and prepaid expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(125</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">4,305</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts payable and accrued expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(1,317</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">2,279</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(291</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amounts due to related parties</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(63,280</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(72,365</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">11,782</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net cash provided by/(used in) operating activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(32,425</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(53,917</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">49,119</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Cash flows from Investing Activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Loan to subsidiaries</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">75,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">58,990</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">82,814</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Investment in vessels under construction</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(21,263</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(86,004</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net cash provided by/(used in) investing activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">75,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">37,727</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(3,191</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Cash flows from Financing Activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Cash dividends paid</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(28,685</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(11,487</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(23,328</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Purchase of treasury shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(3,248</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(5,026</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Issuance of convertible bonds</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(7</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">38,945</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Repayment of convertible bonds</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(6,426</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Purchase of convertible bonds</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(17,104</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net cash (used in)/provided by financing activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(38,366</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">22,432</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(40,431</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Net increase/(decrease) in cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">4,709</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">6,242</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">5,497</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Cash and cash equivalents at beginning of period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">17,783</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">11,540</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">6,043</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Cash and cash equivalents at end of period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">22,492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">17,783</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">11,540</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><div><font style="background-color: #FFFFFF;">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> </div><div><font style="background-color: #FFFFFF;">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> </div><div style="font-weight: bold;">Profit/(Loss) Reconciliation</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Profit/(loss) of the parent company only under cost method of accounting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(86,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">20,293</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Additional profit/(loss) if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">46,969</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">39,014</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(13,664</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Profit/(loss) of the parent company only under equity method of accounting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">73,944</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(47,128</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">6,628</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="font-weight: bold;">Equity Reconciliation</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">December 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">December 31,</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Equity of the parent company only under cost method of accounting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">962,796</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">939,154</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Additional profit if subsidiaries had been accounted for using equity method of accounting as opposed to cost method of accounting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">69,731</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">22,762</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Equity of the parent company only under equity method of accounting</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">1,032,527</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">961,915</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table><div> </div><div><font style="background-color: #FFFFFF;">Dividends from subsidiaries are recognized when they are authorized. During the year ended December 31, 2019, the parent company recorded dividend income from its subsidiaries of $25,007 thousand.  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.</font></div><div> </div><div><font style="background-color: #FFFFFF;">During the year ended December 31, 2019, 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>
47000000
2020-02-18
161891000
187500000
113301000
75800000
78327000
72431000
24
3031000
3305000
3300000
200000
202000
200000
10000
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Application of new and revised International Financial Reporting Standards (“IFRSs”)</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 36pt;"><div style="text-align: left;"><font style="font-weight: bold;">(a)</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: left;"><font style="font-weight: bold;">New and revised IFRSs, and interpretations mandatory for the first time for the financial year beginning January 1, 2019.</font></div></td></tr></table><div> </div><div style="font-weight: bold;">Impact of initial application of IFRS 16 Leases</div><div> </div><div>In the current year, the Company has applied IFRS 16 (as issued by the IASB in January 2016) that is effective for annual periods that begin on or after January 1, 2019.</div><div> </div><div>IFRS 16 introduces new or amended requirements with respect to lease accounting. It introduces significant changes to lessee accounting by removing the distinction between operating and finance lease and requiring the recognition of a right-of-use asset and a lease liability at commencement for all leases, except for short-term leases and leases of low-value assets. In contrast to lessee accounting, the requirements for lessor accounting have remained largely unchanged. The impact of the adoption of IFRS 16 on the Company’s consolidated financial statements is described below.</div><div> </div><div>The date of initial application of IFRS 16 for the Company is January 1, 2019.</div><div> </div><div>The Company has applied IFRS 16 using the modified retrospective approach. Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company recognized an initial $1.5 million lease liability and a corresponding right-of-use lease asset to comply with the new standard, and there was no transition effect on the opening balance of equity. As of July 1, 2019, the Company recognized an increase of $1.6 million in the lease liability and a corresponding right-of-use lease asset related to a new contract that falls within the definition of a lease in accordance with IFRS 16. As of December 5, 2019, the Company recognized an increase of $0.1 million in the lease liability and a corresponding right-of-use lease asset due to a modification of an existing lease.</div><div> </div><div>The table below shows the initial recognition lease liability and right of use asset as of January 1, 2019:</div><div> </div><div style="font-weight: bold;">Initial recognition lease liability and right of use asset</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 95%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 83%;"><div style="font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 83%;"><div style="font-style: italic;">Reconciliation of lease liability recognized to gross payments</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">As of January 1, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(204, 238, 255);"><div>Operating lease commitment at December 31, 2018 as disclosed</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>529</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(255, 255, 255);"><div style="margin-left: 9pt;">- Extension options reasonably certain to be exercised</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>1,162</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(204, 238, 255);"><div style="margin-left: 9pt;">- Practical expedient related to short-term leases</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(3</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(255, 255, 255);"><div style="margin-left: 9pt;">- Practical expedient related to low-value leases</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(204, 238, 255);"><div style="margin-left: 9pt;">- Discounting using the incremental borrowing rate as of January 1, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(204</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(255, 255, 255);"><div>Lease liability recognized at initial application of IFRS 16 as of January 1, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>1,484</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 83%; background-color: rgb(204, 238, 255);"><div>The weighted average incremental borrowing rate applied:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>4.03</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>%</div></td></tr></table><div><br /></div><div>After the additions and modifications during 2019, the weighted average borrowing rate for the lease liability recognized of December 31, 2019 was 3.18%.</div><div> </div><div>The table below shows the amounts recognized in the consolidated statement of financial position as of December 31, 2019 after the adoption of IFRS 16, including additions in 2019:</div><div> </div><div style="font-weight: bold;">Amounts recognized in the consolidated statement of financial position</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 68%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Lease liability (Other non-current liabilities)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,241</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Lease liability (Other current liabilities)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>605</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Right-of-use asset (Other property, plant and equipment)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,808</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div>The table below shows the amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income as of December 31, 2019 after the adoption of IFRS 16:</div><div> </div><div style="font-weight: bold;">Consolidated income statement and consolidated statement of comprehensive income</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 78%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Year ended</div><div style="text-align: center; font-weight: bold;">December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Lease payment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>442</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Depreciation IFRS 16 (Depreciation and amortization expense)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(405</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">IFRS 16 interest expense (other financial expense)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(72</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr></table><div><br /></div><div>The table below shows the amounts recognized in the consolidated statement of cash flow and reconciliation of changes in liabilities incurred from financing activities:</div><div> </div><div style="font-weight: bold;">Consolidated statement of cash flow and reconciliation of changes in liabilities incurred from financing activities</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 78%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Year ended</div><div style="text-align: center; font-weight: bold;">December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 78%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 78%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Principal paid on the lease liability (Repayment principal element of lease liability)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(370</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr></table><div><br /></div><div>In the current year, the Company has applied a number of amendments to IFRS Standards and Interpretations issued by the IASB that are effective for an annual period that begins on or after January 1, 2019. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.</div><div> </div><div style="font-weight: bold;">Amendments to IFRS 9 Prepayment Features with Negative Compensation</div><div> </div><div>The Company has adopted the amendments to IFRS 9 for the first time in the current year. The amendments to IFRS 9 clarify that for the purpose of assessing whether a prepayment feature meets the ‘solely payments of principal and interest’ (“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, financial assets with prepayment features with negative compensation do not automatically fail SPPI.</div><div> </div><div style="font-weight: bold;">Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures</div><div> </div><div>The Company has adopted the amendments to IAS 28 for the first time in the current year. The amendment clarifies that IFRS 9, including its impairment requirements, applies to other financial instruments in an associate or joint venture to which the equity method is not applied. These include long-term interests that, in substance, form part of the entity’s net investment in an associate or joint venture.</div><div> </div><div style="font-weight: bold;">Annual Improvements to IFRS Standards 2015–2017 Cycle</div><div> </div><div>The Company has adopted the amendments included in the Annual Improvements to IFRS Standards 2015–2017 Cycle for the first time in the current year. The Annual Improvements include amendments to four Standards:</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>IAS 12 Income Taxes</div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>IAS 23 Borrowing Costs</div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>IFRS 3 Business Combinations</div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>IFRS 11 Joint Arrangements</div></td></tr></table><div> </div><div style="font-weight: bold;">Amendments to IAS 19 Employee Benefits Plan Amendment, Curtailment or Settlement</div><div> </div><div>The Company has adopted the amendments of IAS 19 for the first time in the current year. 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 step and is recognized in the normal manner in other comprehensive income.</div><div> </div><div>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. The Company 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 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> </div><div style="font-weight: bold;">IFRIC 23 Uncertainty over Income Tax Treatments</div><div> </div><div>The Company has adopted IFRIC 23 for the first time in the current year. IFRIC 23 sets out how to determine the accounting tax position when there is uncertainty over income tax treatments.</div><div> </div><div style="font-weight: bold;"> (b) New and revised IFRSs that are not mandatorily effective (but allow early application) for the year ending December 31, 2019.</div><div> </div><div>The Company has not applied the following new and revised IFRSs that have been issued but are not yet effective:</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>IFRS 17 Insurance Contracts</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IFRS 9, IAS 39 and IFRS 7</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associates or Joint Ventures</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IFRS 3 Definition of a business</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IAS 1 and IAS 8 Definition of material</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Conceptual Framework Amendments to References to the Conceptual Framework in IFRS Standards</div></td></tr></table><div> </div><div>The Company does not expect the adoption of the Standards listed above will have a material impact on its consolidated financial statements in future periods, except as noted below:</div><div> </div><div style="font-weight: bold;">IFRS 17 Insurance Contracts</div><div> </div><div>IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 Insurance Contracts.</div><div> </div><div>IFRS 17 outlines a general model, which is modified for insurance contracts with direct participation features, described as the variable fee approach. The general model is simplified if certain criteria are met by measuring the liability for remaining coverage using the premium allocation approach.</div><div> </div><div>The general model uses current assumptions to estimate the amount, timing and uncertainty of future cash flows and it explicitly measures the cost of that uncertainty. It takes into account market interest rates and the impact of policyholders’ options and guarantees.</div><div> </div><div>The Standard is effective for annual reporting periods beginning on or after January 1, 2021, with early application permitted. It is applied retrospectively unless impracticable, in which case the modified retrospective approach or the fair value approach is applied. An exposure draft Amendments to IFRS 17 addresses concerns and implementation challenges that were identified after IFRS 17 was published. One of the main changes proposed is the deferral of the date of initial application of IFRS 17 by one year to annual periods beginning on or after January 1, 2022.</div><div> </div><div>For the purpose of the transition requirements, the date of initial application is the start of the annual reporting period in which the entity first applies the Standard, and the transition date is the beginning of the period immediately preceding the date of initial application.</div><div> </div><div style="font-weight: bold;">Amendments to IFRS 9, IAS 39 and IFRS 7</div><div> </div><div>In July 2017, the Financial Conduct Authority (“FSA”), which regulates LIBOR, announced that the FCA would no longer compel banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rate Committee (“ARRC”), which identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for USD LIBOR in derivatives and other financial contracts. The Company is not able to predict when USD LIBOR will cease to be available or when there will be sufficient liquidity in alternative markets.</div><div> </div><div>The IASB has issued amendment to IFRS 9, IAS 39 and IFRS 7 that provide certain reliefs in connection with interest rate benchmarking reform. The reliefs relate to hedge accounting and have the effect that the Interbank offered rate (“IBOR”) reform should not generally cause hedge accounting to terminate. However, any hedge ineffectiveness should continue to be recorded in the income statement. The Company has not implemented hedge accounting.</div><div> </div><div>The amendments should be applied for annual periods beginning on or after January 1, 2020, with early application permitted.</div><div> </div><div style="font-weight: bold;">IFRS 10 and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture</div><div> </div><div>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 recognized 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 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 recognized 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> </div><div>The effective date of the amendments has yet to be set by the IASB; however, earlier application of the amendments is permitted. The directors of the Company anticipate that the application of these amendments may have an impact on the group’s consolidated financial statements in future periods should such transactions arise.</div><div> </div><div style="font-weight: bold;">Amendments to IFRS 3 Definition of a “business”</div><div> </div><div>The amendments clarify that while businesses usually have outputs, outputs are not required for an integrated set of activities and assets to qualify as a business. To be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs.</div><div> </div><div>Additional guidance is provided that helps to determine whether a substantive process has been acquired.</div><div> </div><div>The amendments introduce an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. Under the optional concentration test, the acquired set of activities and assets is not a business if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar assets.</div><div><br /></div><div>The amendments are applied prospectively to all business combinations and asset acquisitions for which the acquisition date is on or after the first annual reporting period beginning on or after January 1, 2020, with early application permitted.</div><div><br /></div><div style="font-weight: bold;">Amendments to IAS 1 and IAS 8 Definition of “material”</div><div>The amendments are intended to make the definition of “material” in IAS 1 easier to understand and are not intended to alter the underlying concept of materiality in IFRS Standards. The concept of “obscuring” material information with immaterial information has been included as part of the new definition.</div><div> </div><div>The threshold for materiality influencing users has been changed from “could influence” to “could reasonably be expected to influence”.</div><div> </div><div>The definition of “material” in IAS 8 has been replaced by a reference to the definition of “material” in IAS 1. In addition, the IASB amended other Standards and the Conceptual Framework that contain a definition of “material” or refer to the term “material” to ensure consistency.</div><div> </div><div>The amendments are applied prospectively for annual periods beginning on or after January 1, 2020, with earlier application permitted.</div><div><br /></div><div style="font-weight: bold;">Amendments to References to the Conceptual Framework in IFRS Standards</div><div>Together with the revised Conceptual Framework, which became effective upon publication on March 29, 2018, the IASB has also issued Amendments to References to the Conceptual Framework in IFRS Standards. The document contains amendments to IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS 8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20, IFRIC 22, and SIC-32.</div><div> </div><div>Not all amendments, however, update those pronouncements with regard to references to and quotes from the framework so that they refer to the revised Conceptual Framework. Some pronouncements are only updated to indicate which version of the Framework they are referencing (the IASC Framework adopted by the IASB in 2001, the IASB Framework of 2010, or the new revised Framework of 2018) or to indicate that definitions in the Standard have not been updated with the new definitions developed in the revised Conceptual Framework.</div><div> </div><div>The amendments, where there actually are updates, are effective for annual periods beginning on or after January 1, 2020, with early application permitted.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Use of estimates</div><div> </div><div>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> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div><u>Depreciation</u>: 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 was 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><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div><u>Drydock period</u>: 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 drydock 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></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div><u>Value in use</u>: 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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Classification in the Statement of Financial Position</div><div> </div><div>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> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Docking and survey expenditure</div><div> </div><div>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 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 in which they are incurred.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Pension</div><div> </div><div>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> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Use of judgment</div><div> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Basis of consolidation</div><div> </div><div>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> </div><div>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> </div><div>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> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Vessels held for sale</div><div> </div><div>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 use. 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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Derecognition of financial assets and financial liabilities</div><div> </div><div>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> </div><div>The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or expire.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Basis of preparation</div><div> </div><div>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> </div><div>The principal accounting policies are set out below.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Impairment</div><div> </div><div>Each of the Company’s vessels has been treated as a separate 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> </div><div>Judgment has been applied in connection with the assessment of indicators of impairment or reversal of prior impairment.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Vessels</div><div> </div><div>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> </div><div>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> </div><div>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> </div><div>Capitalized scrubber costs are depreciated on a straight-line basis from the time of installation of the equipment to the end of the estimated useful life.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Vessels under construction - pre-delivery installments</div><div> </div><div>The initial pre-delivery installments made for vessels are recorded in the statement of financial position as “Advances for vessels under construction” under Non-current assets. 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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Bunkers</div><div> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Statement of compliance</div><div> </div><div>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>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Advances for vessel upgrades</div><div> </div><div>Advances related to scrubber retrofits and capital expenditures are recorded in the statement of financial position as “Advances for vessel upgrades” under Non-current assets. Advances for vessel upgrades will be capitalized and moved to “Vessels and time charter contracts” under Non-current assets upon completion of maintenance or completion of installation.</div></div>
1
22.00
0.0001
15700000
15700
31141489
790571
1175136
1
204000
100000
1600000
0
100000
1600000
1162000
3000
P30M
P60M
1
34085000
32212000
1589444000
1665810000
1430000
1615492000
35647000
35976000
12264000
2407000
25941000
1526097000
0
11652000
4151000
1633000
Ship management
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Note 10 – Stockholders’ equity and dividend payment</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Stockholders’ equity:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands, except per share data)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Common stock</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; text-align: center;">Preferred stock</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Issued at December 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div>142,417,407</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Restricted stock issued</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255);"><div>1,175,136</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Retirement of treasury shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div>(892,497</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Issued at December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255);"><div>142,700,046</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Restricted stock issued</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div>790,571</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Conversion of convertible bonds</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255);"><div>4,390,025</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Retirement of treasury shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div>(1,061,241</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Issued at December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255);"><div>146,819,401</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Par value</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>0.01</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>0.01</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Shares to be issued assuming conversion of convertible notes due 2021*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>31,141,489</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Number of shares authorized for issue at December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>250,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr></table><div><br /></div><div><font style="background-color: #FFFFFF;">* Assuming the maximum fundamental change conversion rate.</font></div><div> </div><div style="font-style: italic;"><font style="background-color: #FFFFFF;">Common stock</font></div><div> </div><div><font style="background-color: #FFFFFF;">Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.</font></div><div> </div><div style="font-style: italic;"><font style="background-color: #FFFFFF;">Convertible Notes Offering</font></div><div> </div><div><font style="background-color: #FFFFFF;">Please see note 9 for information on the convertible senior notes.</font></div><div> </div><div style="font-style: italic;"><font style="background-color: #FFFFFF;">Preferred stock:</font></div><div> </div><div><font style="background-color: #FFFFFF;">Terms and rights of preferred shares will be established by the board when or if such shares would be issued.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Series C Participating Preferred stock</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Series D Junior Participating Preferred stock</font></div><div> </div><div><font style="background-color: #FFFFFF;">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.</font></div><div> </div><div style="font-weight: bold;">Dividend payment:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 57%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;"><u>Dividend payment as of December 31, 2019:</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: right; font-weight: bold;"><br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 57%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Payment date:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">Total payment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;"><div style="font-weight: bold;">Per share</div><div>Common</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">February 26, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right;">7.1 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>0.05</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">May 28, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255); text-align: right;">11.4 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>0.08</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">August 29, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right;">2.8 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>0.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">November 14, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">7.3 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>0.05</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total payment as of December 31, 2019:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">28.7 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">0.20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 80%;"><tr><td valign="bottom" style="vertical-align: bottom; width: 57%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;"><u>Dividend payment as of December 31, 2018:</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: right; font-weight: bold;"><br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 57%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Payment date:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">Total payment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;"><div style="font-weight: bold;">Per share</div>Common</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">February 28, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right;">2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>0.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">May 30, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255); text-align: right;">2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>0.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">August 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right;">2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>0.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">November 23, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>0.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total payment as of December 31, 2018:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">11.5 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">0.08</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 57%;"><div style="font-style: italic;"><u>Dividend payment as of December 31, 2017:</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: right; font-weight: bold;"><br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 57%;"><div style="font-weight: bold;">Payment date:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">Total payment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;"><div style="font-weight: bold;">Per share</div>Common</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div>February 22, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right;">7.6 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>0.08</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255);"><div>May 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255); text-align: right;">10.1 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>0.08</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div>August 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right;">2.8 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>0.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div>December 6, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">2.8 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>0.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="font-weight: bold;">Total payment as of December 31, 2017:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$ <br /></div></td><td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">23.3 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">0.20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr></table><div><br /></div><div><font style="background-color: #FFFFFF;">On February 25, 2020, DHT paid a dividend of $0.32 per common share to shareholders of record as of February 18, 2020, resulting in a total dividend payment of approximately $47.0 million.</font></div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div><font style="background-color: #FFFFFF;">The following summarizes the share of profit of the associate that are accounted for using the equity method:</font></div><div> </div><div style="font-style: italic;">(Dollars in thousands)</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Company’s share of</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">- Profit after taxation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>852</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>858</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">- Other comprehensive income for the year, net of tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>44</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div>(53</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div><div>)</div></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">- Total comprehensive income for the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>896</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>805</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Details of associate are as follows:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 36%;"><div><div style="text-align: center; font-weight: bold;">Name of associate</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 19%;"><div><div style="text-align: center; font-weight: bold;">Principal activities</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 19%;"><div><div style="text-align: center; font-weight: bold;">Place of</div><div style="text-align: center; font-weight: bold;">incorporation</div><div style="text-align: center; font-weight: bold;">and business</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Effective equity interest</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 36%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 19%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 19%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 36%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Goodwood Ship Management Pte. Ltd.</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 19%; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Ship management</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 19%; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Singapore</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>%</div></td></tr></table></div>
0
12177000
0
17282925
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Note 1 – General information</div><div> </div><div>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> </div><div>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 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 in November 2018.</div><div> </div><div>The Company has 35 material wholly owned subsidiaries, of which 23 are Marshall Island companies, seven are Cayman Islands companies, three are Singapore companies, one is a Monegasque company and one is a Norwegian company.  Twenty of the Marshall Islands subsidiaries and the seven Cayman Islands 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> </div><div>Our principal activity is the ownership and operation of a fleet of crude oil carriers.  As of December 31, 2019 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> </div><div>With regards to amounts in the financial statements, these are shown in USD thousands.</div></div>
2
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Specification of income tax:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Income tax payable</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>111</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>74</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>132</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Tax expenses related to previous year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>32</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>1</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>8</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Change in deferred tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>8</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(8</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total income tax expense</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>83</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Reconciliation of effective tax rate:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Profit/(loss) before income tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>73,812</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(46,845</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>6,733</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Expected income tax assessed at the tax rate for the Parent company (0%)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">Adjusted for tax effect of the following items:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Income in subsidiary, subject to income tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>83</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total income tax expense</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>83</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr></table></div>
2147000
2633000
2449000
1314000
1826000
3377000
11655000
10331000
11289000
Spot
Time charter with profit sharing
Spot
Spot
Spot
Spot
Spot
Time charter with profit sharing
Time charter with profit sharing
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Time charter with profit sharing
Time charter with profit sharing
Spot
Spot
Q2 2021
Q1 2020
Q4 2021
Q4 2021
Q4 2022
-63000
16000
-768000
58000
-119000
-21000
357000
707000
215000
0.7
P67Y
0.0240
0.0260
0.0230
0.0250
0.0200
0.0225
0.0050
0.0080
0.0050
P18Y
P18Y
P19Y
10000
14000
6000
413000
335000
420000
403000
406000
329000
0
0
0
57000
44000
31000
0
0
0
42000
31000
54000
-287000
211000
182000
1788000
1266000
1614000
228000
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div><font style="background-color: #FFFFFF;">The Company expects to contribute $228 thousand to its defined benefit pension plan in 2020.</font></div><div><font style="background-color: #FFFFFF;"><br /></font></div><div><table cellpadding="0" cellspacing="0" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Assumptions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Discount rate</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2.30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2.60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2.40</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Yield on pension assets</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>2.30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>2.60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>2.40</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>%</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Wage growth</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2.25</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2.75</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2.50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">G regulation*</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>2.00</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>2.50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>2.25</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>%</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Pension adjustment</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>0.50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>0.80</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>0.50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>%</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Average remaining service period</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>19</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>18</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>18</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr></table> </div><div><font style="background-color: #FFFFFF;">*Increase of social security base amount (“G”) as per Norwegian regulations.</font></div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Calculation of this year’s pension costs:</font></div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 95%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td valign="bottom" style="width: 59%; vertical-align: bottom;"><div style="text-indent: -7.2pt; font-style: italic; margin-left: 7.2pt;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Calculation of this year’s pension costs:</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Current service cost</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>406</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>403</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>329</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Financial costs</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>14</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>10</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(255, 255, 255);"><div>6</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="width: 59%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; font-weight: bold; margin-left: 7.2pt;">Pension costs for the year</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">420</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">413</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">335</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><table border="0" cellpadding="0" cellspacing="0" style="width: 95%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">Change in gross pension obligation:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Gross obligation January 1</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">2,090</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">1,708</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">1,111</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 59%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Current service cost</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">401</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">398</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">325</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest charge on pension liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">54</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">42</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 59%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Past service cost - curtailment/plan amendment</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Settlement (gain)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Social security expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">(31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">(57</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">(44</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Remeasurements loss/(gain)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">(1,055</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">119</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">227</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exchange rate differences</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(21</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(119</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">58</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 59%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Gross pension obligation December 31</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">1,439</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">2,090</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">1,708</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table></div>
22
27
5
20
5
6
22
26
27
0
930000
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Note 4 − Charter arrangements</div><div> </div><div>The below table details the Company’s shipping revenues:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 70%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 34%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 34%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Time charter revenues*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>57,472</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>64,462</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>100,310</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 34%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Voyage charter revenues**</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>477,595</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>311,480</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>254,742</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 34%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other shipping revenues</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 34%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Shipping revenues</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">535,068</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">375,941</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">355,052</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000;" /><div><br /></div><div>*2019 time charter revenue is presented in accordance with IFRS 16 <font style="font-style: italic;">Leases</font>,<font style="font-style: italic;"> </font>while the portion of time charter revenue related to technical management services, equaling $14.8 million, is presented in accordance with IFRS 15 <font style="font-style: italic;">Revenue from Contracts with Customers</font>.</div><div>**2019 and 2018 voyage charter revenue is presented in accordance with IFRS 15 <font style="font-style: italic;">Revenue from Contracts with Customers.</font>  The comparative information has not been restated.</div><div> </div><div>The following summarizes the Company’s vessel employment as of December 31, 2019:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"><tr><td style="width: 33.33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Vessel</div></div></td><td colspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td><td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Type of Employment</div></div></td><td colspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td><td style="width: 33.33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Expiry</div></div></td></tr><tr><td style="width: 33.33%; vertical-align: bottom;"><div>VLCC</div></td><td colspan="1" style="width: 1%; vertical-align: bottom;"> </td><td style="width: 32%; vertical-align: bottom;"> </td><td colspan="1" style="width: 1%; vertical-align: bottom;"> </td><td style="width: 33.33%; vertical-align: bottom;"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Amazon</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Q4 2021</div></td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Bauhinia</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Bronco</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT China</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Q2 2021</div></td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Colt</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Condor</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Edelweiss</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Europe</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Falcon</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Hawk</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Jaguar</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Lake</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Leopard</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Lion</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Lotus</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Q1 2020</div></td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Mustang</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Opal</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Panther</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Peony</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Puma</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Raven</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Redwood</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Scandinavia</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Stallion</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Sundarbans</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Q4 2021</div></td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>DHT Taiga</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: center;">Q4 2022</div></td></tr><tr><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>DHT Tiger</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr></table><div><br /></div><div style="font-weight: bold;">Future charter payments:</div><div> </div><div>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:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 48%;"><div style="color: rgb(0, 0, 0); font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 48%;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Amount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0);">2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">47,413</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0);">2021</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">35,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0);">2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">8,325</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0);">2023</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0);">Thereafter</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Net charter payments:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">91,556</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table><div><br /></div><div>Any extension periods, unless already exercised as of December 31, 2019, 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> </div><div style="font-weight: bold;">Contract balances:</div><div> </div><div>Contract balances and related disclosures have been included in the following places in the notes to the Company’s consolidated financial statements:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td style="width: 60%; vertical-align: bottom;"> </td><td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Note</div></div></td></tr><tr><td style="width: 60%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Accounts receivable and accrued revenues</div></td><td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">notes 8,9</div></td></tr></table><div><br /></div><div>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:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 75%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 51%;"><div style="font-weight: bold;"> </div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 51%; background-color: rgb(204, 238, 255);"><div>Capitalized voyage expense</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0);">4,151</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0);">1,633</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div>During the twelve months of 2019, $1.6 million was amortized related to voyages in progress at the end of December 31, 2018, and $4.4 million was amortized related to the voyages in progress at the end of December 31, 2019.  No impairment losses were recognized in the period. 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="font-weight: bold;">Deferred Shipping Revenues:</div><div> </div><div>Deferred shipping revenues relates to next month charter hire payment paid in advance. As of December 31, 2019, $930 thousand was recognized as deferred shipping revenues in the consolidated statement of financial position while no deferred shipping revenues were included as of December 31, 2018.</div><div> </div><div style="font-weight: bold;">Concentration of risk:</div><div> </div><div>As of December 31, 2019, 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, 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.   The Company believes that the concentration of risk is limited and can be adequately monitored.</div></div>
26434000
145500000
38900000
1000
1000
1000
6.0216
159.7470
167
123.0769
22136254
8.125
5.6468
6.2599
125000000
150000000
73000000
80300000
124999000
6426000
4389858
44700000
1141000
-430000
508000
0
2518000
-255000
-1035000
0
3589000
-1874000
-9994000
-15769000
2599000
2331000
4948000
663000
693000
4948000
-930000
2154000
0
-3540000
75000
0
-132536000
-223033000
0
-165649000
-53803000
-11845000
140000
1077000
345000
-7000
38945000
0
-7000
0
38945000
0
0
17104000
0
17104000
0
40040000
49233000
32253000
0
3248000
5026000
3248000
0
5026000
6.41
4.15
6.33
2.30
4.61
5.13
6.65
4.25
4.60
6.92
8.81
3.92
13.80
7.61
5.63
7.15
5.74
3.04
P3Y
P3Y
P10Y
P5Y
P3Y
P5Y
P1Y
P3Y
P3Y
P3Y
P3Y
P3Y
P3Y
P2Y
P3Y
P4Y
P1Y
P3Y
P2Y
P3Y
P3Y
0.97
1.31
144.00
3.92
3.50
4.30
4.60
2.30
3.04
4.61
4.83
3.68
3.38
281094
212823
10435
80101
891136
20000
70108
1189100
264000
206118
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Shares held by Directors and Executives:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2017</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Directors and Executives as a group*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>3,615,221</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>3,155,503</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,729,680</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div> </div><div>*Includes 440,000 (2018: 465,000, 2017: 906,666) shares of restricted stock subject to vesting conditions.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div><font style="background-color: #FFFFFF;">Remuneration of Directors and Executives as a group:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2017</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash compensation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>3,518</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>3,989</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>4,171</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Pension cost</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>36</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>202</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Share compensation*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>2,003</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>2,250</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>4,107</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total remuneration</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">5,556</font></div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">6,441</font></div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">8,433</font></div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table><div> </div><div><font style="background-color: #FFFFFF;">*Share compensation reflects the expense recognized.</font></div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">General and Administrative Expenses:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total Compensation to Employees and Directors</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>10,331</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>11,289</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>11,655</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Office and Administrative Expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,633</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,449</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,147</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Audit, Legal and Consultancy</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,826</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,314</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>3,377</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total General and Administrative Expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">14,789</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">15,052</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">17,180</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Stock Compensation Expense</div><div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 90%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><tr><td valign="bottom" style="width: 54%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-indent: -7.2pt; font-style: italic; margin-left: 7.2pt;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: right; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: right; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><div style="text-align: right; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td colspan="1" valign="bottom" style="width: 54%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Expense recognized from stock compensation</div></td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2,532</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>2,458</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="width: 9%; text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>4,806</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr></table> </div></div>
2729680
3155503
3615221
465000
440000
906666
P18M
3237000
8865000
0
3000
0
0
0
0
3000
0
4390025
4390025
47724395
1259208
790571
1175136
892497
1061241
892497
1061241
0
0
1613000
0
1613000
0
0
2213000
0
0
0
0
0
2213000
0
0
0
0
0
95000
0
-95000
0
0
0
0
4
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div><font style="background-color: #FFFFFF;">Accounts payable and accrued expenses consist of the following:</font></div><div> </div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 56%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accounts payable</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>7,913</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>10,885</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accrued interest</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>3,462</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>5,460</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accrued voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>8,865</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>3,237</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accrued employee compensation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,976</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>3,043</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>782</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>6,009</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total accounts payable and accrued expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">23,998</font></div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">28,634</font></div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><div><font style="background-color: #FFFFFF;">*Other includes accrued operating expenses in 2019 and accrued operating expenses and accrued capital expenditures in 2018.</font></div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Note 7 – Accounts payable and accrued expenses</font></div><div> </div><div><font style="background-color: #FFFFFF;">Accounts payable and accrued expenses consist of the following:</font></div><div> </div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 56%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accounts payable</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>7,913</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>10,885</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accrued interest</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>3,462</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>5,460</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accrued voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>8,865</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>3,237</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accrued employee compensation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,976</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>3,043</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>782</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><div>6,009</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total accounts payable and accrued expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">23,998</font></div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><div><font style="font-weight: bold;">28,634</font></div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><div><font style="background-color: #FFFFFF;">*Other includes accrued operating expenses in 2019 and accrued operating expenses and accrued capital expenditures in 2018.</font></div></div>
P5Y
P5Y
P5Y
P5Y
P5Y
P6Y
3
1
1
2
2
5
5
6
4
4
4
20
22
22
94944000
67356000
27
27
26
5
5
1.35
1.35
1.35
1.3
1.35
1.35
1.35
1.35
1.35
200000000
200000000
300000000
300000000
300000000
300000000
300000000
300000000
300000000
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
34
28
20
20
10
10
11
20
29700000
180100000
199800000
31300000
60200000
36400000
6900000
17300000
37500000
61900000
119300000
286100000
20000000
20000000
30000000
30000000
30000000
30000000
30000000
30000000
30000000
5800000
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Semi annually
Quarterly
Quarterly
Semi annually
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Semi annually
Semi annually
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
13
13
13
16400000
190400000
4300000
4300000
4300000
1100000
1000000
700000
5100000
5000000
2000000
1300000
2100000
400000
600000
1000000
4200000
2250000
8300000
Other reserves are related to share-based payments.
Amortized cost.
Cash and cash equivalents include $221 thousand in restricted cash in 2019 and $638 thousand in 2018, including employee withholding tax.
Fair value through profit or loss.
Deferred tax liability is related to the subsidiary in Singapore and cannot be offset with the deferred tax asset related to the subsidiary in Norway.
Due to materiality, recognized in prepaid expenses and not 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.
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.
The reconciliation does not include interest rate swaps, which are described in note 8.
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 consisted of $41.6 million cash received upon issue, less transaction costs of $2.7 million.
Other changes for the year 2019 represents new, modified office leases and foreign exchange effects during the year related to IFRS 16 Leases. Other changes for the year 2018 represents the (gain)/loss on extinguishment of debt, including previously capitalized fees.
Share compensation reflects the expense recognized.
Compensation for 2018 includes full year compensation for both current and former chief financial officer.
The opening balance as of January 1, 2019, includes the initial recognition of a lease liability of $1.5 million resulting from the adoption of IFRS 16 Leases.
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.
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 Phoenix was sold and delivered to new owners in June 2017.
The DHT Ann was sold and delivered to new owners in May 2017.
Does not include shares in lieu of dividends
Other includes accrued operating expenses in 2019 and accrued operating expenses and accrued capital expenditures in 2018.
2019 and 2018 voyage charter revenue is presented in accordance with IFRS 15 Revenue from Contracts with Customers. The comparative information has not been restated.
2019 time charter revenue is presented in accordance with IFRS 16 Leases, while the portion of time charter revenue related to technical management services, equaling $14.8 million, is presented in accordance with IFRS 15 Revenue from Contracts with Customers.
To be adjusted for dividends declared and paid subsequent to the respective grant dates.
Additions in 2019 relates to adjustments to capitalized expenses in 2018
Assuming the maximum fundamental change conversion rate.
Increase of social security base amount ("G") as per Norwegian regulations.
Includes 440,000 (2018: 465,000, 2017: 906,666) shares of restricted stock subject to vesting conditions.