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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-style: italic;">Business combinations</div><div><br /></div><div style="color: rgb(0, 0, 0);">Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Company, liabilities incurred by the Company to the former owners of the acquiree and the equity interests issued by the Company in exchange for control of the acquiree. Acquisition-related costs are generally recognized in profit or loss as incurred.</div><div><br /></div><div style="color: rgb(0, 0, 0);">At the acquisition date, the identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition are recognized at their fair value, except for non-current assets that are classified as held for sale and are recognized at the lower of carrying amount and fair value less cost to sell, and deferred tax assets and liabilities which are recognized at nominal value.</div><div><br /></div><div style="color: rgb(0, 0, 0);">Goodwill arising on acquisition is recognized as an asset measured at the excess of the sum of the consideration transferred, the fair value of any previously held equity interest and the amount of any non-controlling interests in the acquiree over the net amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the Company’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceed the total consideration of the business combination, the excess is recognized in the income statement immediately.</div><div><br /></div><div style="color: rgb(0, 0, 0);">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="color: rgb(0, 0, 0); font-style: italic;">Fair Value Measurement</div><div><br /></div><div style="color: rgb(0, 0, 0);">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="color: rgb(0, 0, 0); font-style: italic;">Financial assets — receivables</div><div><br /></div><div style="color: rgb(0, 0, 0);">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="color: rgb(0, 0, 0); font-style: italic;">Financial liabilities</div><div><br /></div><div style="color: rgb(0, 0, 0);">Financial liabilities are classified as either financial liabilities “at fair value through profit or loss” (FVTPL) or “other financial liabilities”. The FVTPL category comprises the Company’s derivatives. Other financial liabilities of the Company are classified as “other financial liabilities”.</div><div><br /></div><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><br /></div><div style="color: rgb(0, 0, 0);">Other financial liabilities, including debt, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortized cost using the effective interest method, with interest expense recognized on an effective yield basis.</div><div><br /></div><div style="color: rgb(0, 0, 0);">The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.</div><div><br /></div><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;">(b)</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">Derivatives</div></td></tr></table><div><br /></div><div style="color: rgb(0, 0, 0);">The Company uses interest rate swaps to convert part of the interest-bearing debt from floating to fixed rate.</div><div><br /></div><div style="color: rgb(0, 0, 0);">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. The interest rate swaps does not qualify for hedge accounting.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-style: italic;">Foreign currency</div><div><br /></div><div style="color: rgb(0, 0, 0);">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. dollars using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during the period, in which case the exchange rates at the date of the transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-style: italic;">Impairment of vessels</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">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="color: rgb(0, 0, 0); font-style: italic;">Investments in associates</div><div><br /></div><div style="color: rgb(0, 0, 0);">An associated company is an entity over which the Company has significant influence and that is not a subsidiary or a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without the ability to have control over those policies. Significant influence normally exists when the Company has 20% to 50% of the voting rights unless other terms and conditions affect the Company’s influence.</div><div><br /></div><div style="color: rgb(0, 0, 0);">The investments in associates are accounted for using the equity method. Such investments are initially recognized at cost. Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.</div><div><br /></div><div style="color: rgb(0, 0, 0);">Under the equity method, the interest in the investment is based on the Company’s proportional share of the associate’s equity, including any excess value and goodwill. The Company recognizes its share of net income, including depreciation and amortization of excess values and impairment losses, in “Share of profit from associated companies”.</div><div><br /></div><div style="color: rgb(0, 0, 0);">The financial statements of the associate are prepared for the same reporting period as the Company. When necessary, adjustments are made to bring the accounting policies in line with those of the Company.</div><div><br /></div><div style="color: rgb(0, 0, 0);">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="color: rgb(0, 0, 0); font-style: italic;">Leases</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:</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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></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><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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></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><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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></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><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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></td><td style="width: auto; vertical-align: top;"><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><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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></td><td style="width: auto; vertical-align: top;"><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 style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-style: italic;">Property, plant and equipment other than vessels</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">The Company recognizes revenue from the following major sources:</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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></td><td style="width: auto; vertical-align: top;"><div>Revenue from time charters</div></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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></td><td style="width: auto; vertical-align: top;"><div> Revenue from spot charters</div></td></tr></table><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">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.</div><div><br /></div><div style="color: rgb(0, 0, 0);">Revenue is measured based on the consideration to which the Company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue when it transfers control of a product or service to a customer.</div><div><br /></div><div style="color: rgb(0, 0, 0);">For vessels operating on spot charters, voyage revenues are, under the new revenue standard, recognized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis.</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">Vessel expenses are expensed when incurred and include crew costs, vessel stores and supplies, lubricating oils, maintenance and repairs, insurance and communication costs.</div><div><br /></div><div style="color: rgb(0, 0, 0);">Effective from January 1, 2019, the Company adopted IFRS 16 <font style="font-style: italic;">Leases </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><br /></div><div style="color: rgb(0, 0, 0);">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="color: rgb(0, 0, 0); font-style: italic;">Segment information</div><div><br /></div><div style="color: rgb(0, 0, 0);">As the Company’s business is limited to operating a fleet of crude oil tankers, management has organized the entity as one segment based upon the service provided. Consequently, the Company has one operating segment as defined in IFRS 8, Operating Segments.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-style: italic;">Stock Compensation</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">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="color: rgb(0, 0, 0); font-style: italic;">Taxes</div><div><br /></div><div style="color: rgb(0, 0, 0);">The Company is a foreign corporation that is not subject to United States federal income taxes. Further, the Company is not subject to income taxes or tax reporting requirements imposed by the Marshall Islands, the country in which it is incorporated.</div><div><br /></div><div style="color: rgb(0, 0, 0);">The Company’s management companies domiciled in Monaco, Norway and Singapore are taxable in local jurisdictions.</div><div><br /></div><div style="color: rgb(0, 0, 0);">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="color: rgb(0, 0, 0); font-style: italic;">Related parties</div><div><br /></div><div style="color: rgb(0, 0, 0);">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="color: rgb(0, 0, 0); font-style: italic;">Cash and cash equivalents</div><div><br /></div><div style="color: rgb(0, 0, 0);">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>
0.51
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1.61
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14275217
24589370
65873
5311
133342
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Stockholders’ equity:</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76.66%;"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold; text-align: center;">Common stock</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="2" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold; text-align: center;">Preferred stock</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Issued at December 31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>142,700,046</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Restricted stock issued</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>790,571</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Conversion of convertible bonds</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>4,390,025</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Retirement of treasury shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>(1,061,241</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Issued at December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>146,819,401</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Restricted stock issued</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>601,530</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Conversion of convertible bonds</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>23,377,397</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Issued at December 31, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>170,798,328</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Par value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>0.01</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%; background-color: rgb(204, 238, 255);">$<br /></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">0.01</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Number of shares authorized for issue at December 31, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>250,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000;">The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting dates was:</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: middle; 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" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2020</div></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2019</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; 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: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>68,641</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>67,356</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; padding-bottom: 2px;"><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: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>30,060</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>107,848</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; 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: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>98,700</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>175,204</div></div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000; font-weight: bold;">Note 13 - Pensions</div><div> </div><div style="color: #000000;">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="color: rgb(0, 0, 0); font-style: italic;">Defined benefit pension </div><div style="color: #000000;"><br /></div><div style="color: #000000;">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.</div><div> </div><div style="color: #000000; font-weight: bold;">Calculation of this year’s pension costs:</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: normal; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 2px;"> </td><td colspan="3" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2018</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 45%; 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="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>293</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>406</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: 8%; background-color: rgb(204, 238, 255);"><div>403</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: top; width: 45%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Financial costs</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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>9</div></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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>14</div></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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>10</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 45%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Pension costs 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%; 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;">302</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%; 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;">420</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%; 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: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">413</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></tr></table><div><br /></div><div><font style="font-weight: bold;">The amounts recognised in the statement of financial position at the reporting date are as follows:</font></div><div><font style="font-weight: bold;"><br /></font></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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" rowspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold; text-align: center;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; width: 1%; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; width: 1%; text-align: center; padding-bottom: 2px;"> </td><td colspan="3" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">2018</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>1,793</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>2,494</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>1,971</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Fair value of plan assets</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>1,362</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>1,788</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>1,614</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Net pension obligation</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" 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" nowrap="nowrap" 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;">431</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">707</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">357</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Remeasurement loss/(gain)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">181</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(287</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>182</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 45%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Net balance sheet recorded pension liability December 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;"> </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" nowrap="nowrap" 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;">612</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">420</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">539</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></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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">Change in gross pension obligation:</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Gross obligation January 1</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">1,439</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">2,090</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">1,708</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 45%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Current service cost</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">289</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><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);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest charge on pension liabilities</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">31</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">54</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">42</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 45%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Past service cost - curtailment/plan amendment</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Settlement (gain)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Social security expenses</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(37</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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><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);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Remeasurements loss/(gain)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">73</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(1,055</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">119</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exchange rate differences</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" 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" nowrap="nowrap" 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;">71</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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); 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" 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; text-align: right; width: 8%; 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Gross pension obligation December 31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">1,866</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">1,439</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">2,090</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%;"><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%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">1,019</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest income</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">18</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">36</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">27</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Settlement</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Employer contribution</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">266</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">216</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">404</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Remeasurements (loss)/gain</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(108</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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exchange rate differences</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">58</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(16</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><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);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 45%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Fair value plan assets December 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;"> </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" nowrap="nowrap" 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;">1,254</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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%; 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" 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; text-align: right; width: 8%; 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%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr></table><div><br /></div><div style="font-weight: bold;">The Company expects to contribute $234 thousand to its defined benefit pension plan in 2021.</div><div><br /></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: top; width: 55%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Assumptions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 2px;"> </td><td colspan="3" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2018</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 55%; 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="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>1.70</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);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>2.30</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);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>2.60</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: top; width: 55%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Yield on pension assets</div></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="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div>1.70</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>%</div></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="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div>2.30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>%</div></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="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div>2.60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>%</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 55%; 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="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>2.25</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);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>2.25</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);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>2.75</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: top; width: 55%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">G regulation*</div></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="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div>2.00</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>%</div></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="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div>2.00</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>%</div></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="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div>2.50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>%</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 55%; 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="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>0.00</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);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>0.50</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);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>0.80</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: top; width: 55%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Average remaining service period</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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>19</div></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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>19</div></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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>18</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><div>*Increase of social security base amount (“G”) as per Norwegian regulations.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Interest-bearing debt</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Interest</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Remaining notional</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="6" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Carrying amount</div></td></tr><tr><td nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;"><div style="font-weight: bold;"><br /></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"><div style="font-weight: bold;"><br /></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Credit Agricole Credit Facility</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right;">LIBOR + 2.19 %</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>37,839</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>37,626</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>55,719</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Danish Ship Finance Credit Facility</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: right;">LIBOR + 2.00 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>36,400</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>36,015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>38,929</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Nordea Credit Facility</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right;">LIBOR + 2.40 %</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>110,933</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>109,423</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>207,175</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">ABN Amro Credit Facility</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: right;">LIBOR + 2.40 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>269,505</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>266,895</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>432,581</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">ABN Amro Revolving Credit Facility</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right;">LIBOR + 2.50 %</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>-</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>-</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>-</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 51.86%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2021</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.32%; padding-bottom: 2px;"><div>4.50 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.3%; padding-bottom: 2px;"><div><br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.21%; border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>116,568</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 51.86%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total carrying amount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.32%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.3%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; 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; text-align: right; width: 10.21%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">454,677</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">449,959</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">850,972</div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000; font-weight: bold;">Categories of financial instruments</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: middle; 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="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">Carrying amount</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;"><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;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2020</div></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2019</div></div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76.74%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash and cash equivalents <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(3)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);">$<br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>68,641</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);">$<br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>67,356</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accounts receivable and accrued revenues <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>30,060</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>107,848</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total financial assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><font style="font-weight: bold;">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><font style="font-weight: bold;">98,700</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><font style="font-weight: bold;">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><font style="font-weight: bold;">175,204</font></div></td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: middle; width: 76.74%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; 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: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accounts payables and accrued expenses <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>18,503</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>23,998</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Derivative financial liabilities, current <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>9,073</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>4,320</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Current portion long-term debt <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>3,396</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>100,385</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Long-term debt <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>446,562</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>750,586</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Derivative financial liabilities, non-current <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>14,601</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>11,279</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; 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: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div><font style="font-weight: bold;">492,135</font></div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div><font style="font-weight: bold;">890,569</font></div></div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><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; vertical-align: top; align: right; color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">Amortized cost.</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; vertical-align: top; align: right; color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">Fair value through profit or loss.</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; vertical-align: top; align: right; color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">Cash and cash equivalents include $299 thousand in restricted cash in 2020 and $221 thousand in 2019, including employee withholding tax.</div></td></tr></table></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 border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td style="width: 24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Company</div></td><td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Vessel name</div></td><td style="width: 10.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold; text-align: center;">Dwt</div></td><td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold; text-align: center;">Flag State</div></td><td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold; text-align: center;">Year Built</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Mustang Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Mustang</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">317,975</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2018</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Bronco Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Bronco</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">317,975</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2018</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Colt Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Colt</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">319,713</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2018</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Stallion Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Stallion</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">319,713</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2018</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Tiger Limited</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Tiger</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">299,629</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2017</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Puma Limited</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Puma</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">299,629</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2016</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Panther Limited</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Panther</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">299,629</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2016</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Lion Limited</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Lion</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">299,629</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2016</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Leopard Limited</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Leopard</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">299,629</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2016</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Jaguar Limited</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Jaguar</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">299,629</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2015</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Opal Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Opal</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">320,105</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2012</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>Samco Theta Ltd</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Sundarbans</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">314,249</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">RIF</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2012</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Iota Ltd</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Taiga</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">314,249</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2012</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Peony Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Peony</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">320,013</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2011</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Lotus Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Lotus</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">320,142</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2011</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>Samco Eta Ltd</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Amazon</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">314,249</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">RIF</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2011</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Kappa Ltd</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Redwood</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">314,249</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2011</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Edelweiss Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Edelweiss</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">301,021</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2008</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Epsilon Ltd</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT China</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">317,794</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">RIF</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2007</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>Samco Delta Ltd</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Europe</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">317,713</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2007</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Bauhinia Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Bauhinia</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">301,019</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2007</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Hawk Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Hawk</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">298,923</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2007</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Gamma Ltd</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Scandinavia</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">317,826</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2006</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Falcon Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Falcon</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">298,971</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2006</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Lake Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Lake</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">298,564</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2004</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Raven Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Raven</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">298,563</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2004</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Condor, Inc.</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Condor</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">320,050</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2004</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Eagle, Inc.</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Eagle **</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">309,064</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2002</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Phoenix, Inc.</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Phoenix ***</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">307,151</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">1999</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>Cathy Tanker Corporation</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Cathy*</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">115,000</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Marshall Islands</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2004</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Sophie Tanker Corporation</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Sophie*</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">115,000</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Marshall Islands</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2003</div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><div style="text-indent: -18pt; margin-left: 18pt;">* DHT Sophie and DHT Cathy were sold to one buyer in October 2018. Both vessels were delivered to the buyer during fourth quarter 2018.</div><div style="text-indent: -18pt; margin-left: 18pt; color: #000000;">** DHT Eagle was sold in November 2017 and was delivered to the buyer in December 2017.</div><div style="text-indent: -18pt; margin-left: 18pt; color: #000000;">*** 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: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77.5%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">Dividend payment as of December 31, 2020:</div></td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: center;"> </td><td colspan="1" style="vertical-align: bottom; width: 1.08%; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">Per share</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 77.5%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Payment date:</div></td><td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 10.08%; text-align: center;"><div style="font-weight: bold;">Total payment</div></td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1.08%; text-align: center;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Common</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77.5%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">February 25, 2020</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">$ 47.0 million</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>0.32</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77.5%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">May 26, 2020</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 10.08%;"><div style="text-align: right;">$ 51.5 million</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>0.35</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77.5%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">September 2, 2020</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">$ 82.0 million</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>0.48</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77.5%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">November 25, 2020</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right;">$ 34.2 million</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>0.20</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77.5%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total payment as of December 31, 2020:</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold; text-align: right;">$ 214.7 million</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1.35</div></td></tr></table><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 90%;"><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 77.5%;"><div style="font-style: italic;">Dividend payment as of December 31, 2019:</div></td><td nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 10.08%; text-align: center;"> </td><td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.08%; text-align: center;"> </td><td colspan="2" rowspan="1" style="vertical-align: bottom; text-align: center; font-weight: bold;">Per share <br /></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 77.5%; padding-bottom: 2px;"><div><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Payment date:</div></div></td><td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 10.08%; text-align: center;"><div><div style="font-weight: bold;">Total payment</div></div></td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.08%; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Common </div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">February 26, 2019</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">$ 7.1 million</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>0.05</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">May 28, 2019</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%;"><div style="text-align: right;">$ 11.4 million</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>0.08</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">August 29, 2019</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">$ 2.8 million</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>0.02</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">November 14, 2019</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: right;">$ 7.3 million</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>0.05</div></div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total payment as of December 31, 2019:</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;"><div style="text-align: right;">$ 28.7 million</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>0.20</div></div></td></tr></table><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 90%;"><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 77.5%;"><div style="font-style: italic;">Dividend payment as of December 31, 2018:</div></td><td nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 10.08%; font-weight: bold; text-align: center;"> </td><td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.08%; text-align: center;"> </td><td colspan="2" rowspan="1" style="vertical-align: bottom; text-align: center; font-weight: bold;">Per share <br /></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 77.5%; padding-bottom: 2px;"><div><div style="font-weight: bold;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Payment date:</div></div></div></td><td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 10.08%; font-weight: bold; text-align: center;"> Total payment</td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.08%; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Common </div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">February 28, 2018</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;">$ 2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>0.02</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">May 30, 2018</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; text-align: right;">$ 2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>0.02</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">August 31, 2018</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;">$ 2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>0.02</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">November 23, 2018</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">$ 2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>0.02</div></div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total payment as of December 31, 2018:</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right; font-weight: bold;">$ 11.5 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>0.08</div></div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000; font-weight: bold;">Note 5 - Earnings per share (“EPS”)</div><div> </div><div style="color: #000000;">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 style="color: #000000;">The components of the calculation of basic EPS and diluted EPS 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" 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;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; 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="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Profit/(loss) for the period used for calculation of EPS - basic</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>266,266</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>73,679</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>(46,927</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest and amortization on the convertible notes</div></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%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div>6,766</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div>12,177</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Profit/(loss) for the period used for calculation of EPS - dilutive</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>273,032</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>85,856</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>(46,927</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;"><u>Basic earnings per share:</u></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" 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; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Weighted average shares outstanding - basic</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>155,712,886</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>143,437,164</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>143,429,610</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;"><u>Diluted earnings per share:</u></div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Weighted average shares outstanding - basic</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>155,712,886</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>143,429,610</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Dilutive equity awards</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">65,873</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">133,342</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">5,311</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Dilutive shares related to convertible notes</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" 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; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">14,275,217</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Weighted average shares outstanding - dilutive</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>170,053,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>168,159,876</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>143,434,921</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </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 style="color: #000000;">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 makers (“CODM”), being the Chief Executive Officers, review 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 style="color: #000000;">As of December 31, 2020, the Company had 27 vessels in operation of which 18 were on time charters and nine were vessels operating in the spot market.</div><div> </div><div style="color: #000000;">For the period from January 1, 2020 to December 31, 2020, five customers represented $78,513 thousand, $57,777 thousand, $55,371 thousand, $53,711 thousand, and $37,670 thousand, respectively, of the Company’s revenues.</div><div> </div><div style="color: #000000;">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 style="color: #000000;">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 style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Note 17 - Events after the reporting date</div><div> </div><div style="color: #000000;">In January 2021, for the year 2020, a total of 699,000 shares of restricted stock were awarded to management pursuant to the 2019 Plan, of which 153,066 shares will vest in January 2022, 153,067 shares will vest in January 2023, 119,900 shares will vest prior to December 2023 and 153,067 shares will vest in January 2024. The remaining 119,900 shares will vest subject to certain market conditions prior to December 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 579,100 shares and $3.22 per share for 119,900 shares. In January 2021, a total of 175,000 shares of restricted stock were 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 2022.</div><div> </div><div>On January 21, 2021, the Company announced that it has entered into agreement to acquire two VLCCs built 2016 at DSME (Daewoo) for a total of $136 million. The first vessel was delivered on February 18, 2021 and the second vessel is scheduled to deliver during the first half of 2021. The Company will finance the acquisition with available liquidity and projected mortgage debt hence it is expected to be accretive to DHT’s earnings per share. The vessels were built to high specifications by their current owner and are fuel efficient, scrubber fitted Eco-designs that will further improve the DHT fleet’s efficiencies, amongst others its Annual Efficiency Ratio (AER) and Energy Efficiency Operational Index (EEOI) metrics. The Company has drawn $15 million to fund the deposit for the two VLCCs and further $50 million in connection with the delivery of the first vessel, both of which have been drawn under the revolving credit facility tranche of the Nordea Credit Facility.</div><div> </div><div style="color: #000000;">On February 8, 2021, DHT announced that it would pay a dividend of $0.05 per common share on February 25, 2021, to shareholders of record as of February 18, 2021. This resulted in a total dividend payment of $8.6 million.</div><div> </div><div style="color: #000000;">The financial statements were approved by the board of directors on March 17, 2021, and authorized for issue.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%;"><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%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">1,019</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest income</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">18</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">36</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">27</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Settlement</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Employer contribution</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">266</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">216</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">404</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Remeasurements (loss)/gain</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(108</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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exchange rate differences</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">58</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(16</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><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);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 45%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Fair value plan assets December 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;"> </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" nowrap="nowrap" 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;">1,254</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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%; 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" 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; text-align: right; width: 8%; 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%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000; font-weight: bold;">Note 8 - Financial instruments</div><div> </div><div style="color: #000000; font-weight: bold;">Categories of financial instruments</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: middle; 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="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">Carrying amount</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;"><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;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2020</div></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2019</div></div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76.74%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash and cash equivalents <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(3)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);">$<br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>68,641</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);">$<br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>67,356</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accounts receivable and accrued revenues <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>30,060</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>107,848</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total financial assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><font style="font-weight: bold;">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><font style="font-weight: bold;">98,700</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><font style="font-weight: bold;">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><font style="font-weight: bold;">175,204</font></div></td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: middle; width: 76.74%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; 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: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accounts payables and accrued expenses <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>18,503</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>23,998</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Derivative financial liabilities, current <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>9,073</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>4,320</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Current portion long-term debt <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>3,396</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>100,385</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Long-term debt <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>446,562</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>750,586</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Derivative financial liabilities, non-current <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>14,601</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>11,279</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; 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: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div><font style="font-weight: bold;">492,135</font></div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div><font style="font-weight: bold;">890,569</font></div></div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><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; vertical-align: top; align: right; color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">Amortized cost.</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; vertical-align: top; align: right; color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">Fair value through profit or loss.</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; vertical-align: top; align: right; color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">Cash and cash equivalents include $299 thousand in restricted cash in 2020 and $221 thousand in 2019, including employee withholding tax.</div></td></tr></table><div> </div><div>Fair value of non-derivative financial instruments</div><div> </div><div style="color: #000000;">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.</div><div> </div><div style="font-style: italic;">Measurement of fair value</div><div> </div><div style="color: #000000;">It is only derivatives that are classified within a fair value measurement category and recognized at fair value in the statement of financial position. Fair value measurement is based on Level 2 in the fair value hierarchy as defined in IFRS 13 <font style="font-style: italic;">Fair Value Measurement. </font>Such measurement is based on techniques for which all inputs that have a significant effect on the recorded fair value are observable. Future cash flows are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties.</div><div> </div><div style="color: #000000; font-weight: bold;">Derivatives - interest rate swaps</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 43.44%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Expires</div></td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="6" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Notional amount</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="6" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Fair value</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 43.44%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px;"><div style="font-weight: bold;"><br /></div></td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Apr. 20, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>42,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>44,400</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>2,541</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,748</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 3.012%, receive floating</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"><div style="text-align: right;">Apr. 20, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>42,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>44,400</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,564</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>1,780</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>30,743</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>33,310</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>2,131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,425</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 3.019%, receive floating</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>29,829</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>32,396</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,060</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>1,380</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Sep. 29, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>46,260</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>48,830</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>3,147</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,976</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 2.8785%, receive floating</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"><div style="text-align: right;">Jun. 30, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>40,673</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>43,240</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,513</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>1,681</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>45,618</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>48,188</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>3,139</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,961</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 2.897%, receive floating</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"><div style="text-align: right;">Sept. 30, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>40,851</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>43,419</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,792</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>1,789</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 3.020%, receive floating</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>39,167</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>41,734</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>2,786</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,859</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total carrying amount</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; padding-bottom: 2px; text-align: right;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">357,141</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">379,916</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">23,673</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">15,600</div></td></tr></table><div> </div><div style="font-weight: bold;">Interest-bearing debt</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Interest</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Remaining notional</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="6" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Carrying amount</div></td></tr><tr><td nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;"><div style="font-weight: bold;"><br /></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"><div style="font-weight: bold;"><br /></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Credit Agricole Credit Facility</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right;">LIBOR + 2.19 %</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>37,839</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>37,626</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>55,719</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Danish Ship Finance Credit Facility</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: right;">LIBOR + 2.00 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>36,400</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>36,015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>38,929</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Nordea Credit Facility</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right;">LIBOR + 2.40 %</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>110,933</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>109,423</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>207,175</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">ABN Amro Credit Facility</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: right;">LIBOR + 2.40 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>269,505</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>266,895</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>432,581</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">ABN Amro Revolving Credit Facility</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right;">LIBOR + 2.50 %</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>-</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>-</div></td><td colspan="1" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div>-</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 51.86%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2021</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.32%; padding-bottom: 2px;"><div>4.50 %</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.3%; padding-bottom: 2px;"><div><br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.21%; border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>116,568</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 51.86%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total carrying amount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.32%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.3%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; 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; text-align: right; width: 10.21%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">454,677</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">449,959</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">850,972</div></td></tr></table><div><br /></div><div style="color: #000000;">As of December 31, 2020, $70.3 million was undrawn under the Nordea Credit Facility and $100.0 million was undrawn under the ABN Amro Credit Facility.</div><div> </div><div style="color: #000000;">Interest on all our credit facilities is payable quarterly in arrears except the Danish Ship Finance Credit Facility which has 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.</div><div> </div><div style="color: #000000; font-weight: bold;">Reconciliation of liabilities arising from financing activities</div><div> </div><div style="color: #000000;">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 cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td 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" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">As of </div><div style="font-weight: bold;">January 1, 2020 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Financing </div><div style="font-weight: bold;">cash flows <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Amortization</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Equity component </div><div style="font-weight: bold;">of convertible notes</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Other changes <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">As of </div><div style="font-weight: bold;">December 31, 2020</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Bank loans</div></td><td colspan="1" 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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div>734,404</div></td><td colspan="1" 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><td colspan="1" 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; text-align: right; background-color: rgb(204, 238, 255);"><div>(286,733</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" 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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div>2,288</div></td><td colspan="1" 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><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><td colspan="1" nowrap="nowrap" 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><td colspan="1" 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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div>449,959</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2021</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>116,568</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>3,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>(119,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div>)</div></td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>-</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Office leases</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>2,846</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(467</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>1,681</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>4,060</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">853,817</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">(287,199</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"><div style="font-weight: bold;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">5,538</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">(119,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"><div style="font-weight: bold;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">1,681</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">454,019</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 2px;"> </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" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 2px;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td></tr><tr><td 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" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">As of </div><div style="font-weight: bold;">January 1, 2019 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Financing </div><div style="font-weight: bold;">cash flows <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Amortization</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Equity component </div><div style="font-weight: bold;">of convertible notes</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Other changes <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">As of </div><div style="font-weight: bold;">December 31, 2019</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Bank loans</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>823,299</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>(91,440</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>2,545</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>734,404</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>32,009</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>(6,426</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>851</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>(26,434</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>-</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>111,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>(7</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>4,607</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>116,568</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Office leases</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; 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: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>(370</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; 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: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>2,846</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="font-weight: bold;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="font-weight: bold;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">853,817</div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><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; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></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: 18pt; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></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<font style="font-style: normal;">.</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: 18pt; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></td><td style="width: auto; vertical-align: top;"><div>Other changes for the year 2020 and 2019 represent new, modified office leases and foreign exchange effects during the year related to 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: 18pt; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></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;">Note 9 - Financial risk management, objectives and policies</div><div> </div><div style="font-weight: bold;">Financial risk management</div><div> </div><div style="color: #000000;">The Company’s principal financial liabilities consist of long-term debt, and, when applicable, current portion of long-term debt and derivatives. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s financial assets mainly comprise cash.</div><div> </div><div style="color: #000000;">The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management of these risks.</div><div> </div><div style="color: #000000; font-weight: bold;">Market risk</div><div> </div><div style="color: #000000;">Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise four types of risk: interest rate risk, currency risk, commodity price risk and other price risk. Financial instruments affected by market risk are debt, deposits and derivative financial instruments.</div><div> </div><div style="color: #000000; font-style: italic; font-weight: bold;">a) Interest rate risk</div><div> </div><div style="color: #000000;">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, 2020, the Company had nine interest rate swaps with a total aggregate notional amount of $357,141 thousand as discussed in Note 8.</div><div> </div><div style="font-style: italic;"><u>Interest rate risk sensitivity</u></div><div> </div><div style="color: #000000;">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. 2020: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s:</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; color: #000000;">●</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">profit for the year ended December 31, 2020 would decrease/increase by $488 thousand; and</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; color: #000000;">●</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">other comprehensive income would not be affected 2019: If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s:</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; color: #000000;">●</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">profit for the year ended December 31, 2019 would decrease/increase by $1,805 thousand; and</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; color: #000000;">●</td><td style="width: auto; vertical-align: top;"><div><font style="color: #000000;">other comprehensive income would not be affected. </font>2018:  If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s:</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; color: #000000;">●</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">loss for the year ended December 31, 2018 would decrease/increase by $2,152 thousand; and</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; color: #000000;">●</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">other comprehensive income would not be affected.</div></td></tr></table><div> </div><div style="color: #000000; font-style: italic; font-weight: bold;">b) Foreign currency risk</div><div> </div><div style="color: #000000;">Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company has only immaterial currency risk since all revenue and major expenses, including all vessel expenses and financial expenses, are in US dollars. Consequently, no sensitivity analysis is prepared.</div><div> </div><div style="color: #000000; font-weight: bold;">Credit risk</div><div> </div><div style="color: #000000;">Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Company. The Company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities, including deposits with banks and financial institutions.</div><div> </div><div style="font-style: italic;">Credit risks related to receivables</div><div> </div><div style="color: #000000;">During 2020, 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, 2020, 18 of the Company’s 27 vessels are chartered to 10 different counterparties and nine vessels are operated in the spot market.</div><div> </div><div style="color: #000000;">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.</div><div> </div><div style="color: #000000;">During 2018, the Company’s vessels were either trading in the spot market or on short to medium term time charters to different counterparties. As of December 31, 2018, five of the Company’s 27 vessels are chartered to four different counterparties and 22 vessels are operated in the spot market.</div><div> </div><div style="color: #000000;">See Note 5 for further details on employment of the Company’s vessels. Time charter hire is paid to DHT monthly in advance.</div><div> </div><div style="font-style: italic;">Credit risk related to cash and cash equivalents and accounts receivables</div><div> </div><div style="color: #000000;">The Company seeks to diversify credit risks on cash by holding the majority of the cash in six financial institutions, namely, DNB, Nordea, Credit Agricole, OCBC, ABN AMRO and CFM Indosuez.</div><div> </div><div style="color: #000000;">As of December 31, 2020, five customers represented $9,380 thousand, $6,836 thousand, $5,962 thousand, $2,730 thousand and $2,454 thousand, respectively, of the Company’s accounts receivables.</div><div> </div><div style="color: #000000;">The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting dates was:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2020</div></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2019</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>68,641</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>67,356</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accounts receivable and accrued revenues</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>30,060</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>107,848</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Maximum credit exposure</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>98,700</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>175,204</div></div></td></tr></table><div><br /></div><div style="color: #000000; font-weight: bold;">Liquidity risk</div><div> </div><div style="color: #000000;">The Company manages its risk of a shortage of funds by continuously monitoring maturity of financial assets and liabilities, and projected cash flows from operations such as charter hire, voyage revenues and vessel operating expenses. Certain of our credit agreements contain financial covenants requiring that at all times the borrowings under the credit facilities plus the actual or notional cost of terminating any of their interest rates swaps not exceed a certain percentage of the charter-free market value of the vessels that secure each of the credit facilities. Vessel values are volatile and a decline in vessel values could result in prepayments under the Company’s credit facilities.</div><div> </div><div style="color: #000000;">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, 2020 (and spot rate at December 31, 2019 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">As of December 31, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </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: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </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: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </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: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"> </td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">2 to 5</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">More than</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"> </td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">1 year</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">years</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">5 years</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Total</div></td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest bearing loans</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>19,110</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>475,441</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.62%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>494,552</div></td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest rate swaps</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>8,541</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>12,415</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.62%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>20,956</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; 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; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">27,651</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">487,857</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.62%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; 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: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; 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; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">515,507</div></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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">As of December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.62%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 11.35%;"> </td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">2 to 5</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">More than</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 11.35%;"> </td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">1 year</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">years</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">5 years</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Total</div></td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest bearing loans</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>140,707</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>855,593</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.62%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>996,301</div></td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest rate swaps</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>3,523</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>8,105</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.62%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>11,629</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; 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; text-align: right; width: 11.35%; 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: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">863,699</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.62%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; 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: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; 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; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,007,929</div></td></tr></table><div><br /></div><div style="color: #000000; font-weight: bold;">Capital management</div><div> </div><div style="color: #000000;">A key objective in relation to capital management is to ensure that the Company maintains a strong capital structure in order to support its business. The Company evaluates its capital structure in light of current and projected cash flow, the relative strength of the shipping markets, new business opportunities and the Company’s financial commitments. In order to maintain or adjust the capital structure, the Company may adjust or eliminate the amount of dividends paid to shareholders, issue new shares or sell assets to reduce debt.</div><div> </div><div style="color: #000000;">The Company is within its financial covenants stipulated in its credit agreements.</div><div> </div><div style="color: #000000; font-weight: bold;">Credit Agricole Credit Facility</div><div> </div><div style="color: #000000;">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 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 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%. Subsequent to a voluntary prepayment of $5.0 million in June 2016 and the prepayment of the outstanding loan on DHT Scandinavia, totaling $12.7 million, in September 2020, 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 vessel that secures 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 vessel (as determined quarterly by an approved broker). The Credit Agricole Credit Facility is secured by, among other things, a first-priority mortgage on DHT Tiger, 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 Credit Agricole 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 their assets to another person.</div><div> </div><div style="color: #000000; font-weight: bold;">Danish Ship Finance Credit Facility</div><div> </div><div style="color: #000000;">In November 2014, we entered into a credit facility in the amount of $49.4 million 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 wholly owned 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. In April 2020, we agreed to a $36.4 million refinancing with Danish Ship Finance A/S.  The refinancing was in direct continuation to the original loan and is a five-year term loan with final maturity in November 2025, subject to earlier repayment in certain circumstances. Borrowings bear interest at a rate equal to LIBOR + 2.00% and are repayable in 10 semiannual installments of $1.2 million each and a final payment of $24.3 million at final maturity. The Danish Ship Finance Credit Facility is secured by, among other things, a first-priority mortgage on the vessel financed by the Danish Ship Finance Credit Facility, a first-priority assignment of earnings, insurances and intercompany claims, a first-priority pledge of the balances of the borrower’s bank accounts and a first-priority pledge over the shares in the borrower. The Danish Ship Finance Credit Facility contains covenants that prohibit the borrower from, among other things, incurring additional indebtedness without the prior consent of the lender, permitting liens on assets, merging or consolidating with other entities or transferring all or any substantial part of its assets to another person.</div><div> </div><div style="color: #000000;">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 135% of borrowings. Also, we covenant that, throughout the term of the Danish Ship Finance Credit Facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth shall be at least 25% of value adjusted total assets and unencumbered consolidated cash shall be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt. “Value adjusted” is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company’s vessels (as determined quarterly by an approved broker).</div><div> </div><div style="color: #000000; font-weight: bold;">ABN AMRO Revolving Credit Facility</div><div> </div><div style="color: #000000;">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 DHT), and DHT Holdings, Inc., as guarantor. 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. 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.  In September 2020, the Company canceled in full the commitments under the ABN AMRO Revolving Credit Facility.</div><div> </div><div style="color: #000000; font-weight: bold;">Nordea Credit Facility</div><div> </div><div style="color: #000000;">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 wholly owned special purpose vessel owning subsidiaries as borrowers, and DHT Holdings, Inc., as guarantor (the “Nordea 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%.</div><div> </div><div style="color: #000000;">The Nordea 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.</div><div> </div><div style="color: #000000;">The Nordea Credit Facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, we covenant that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain a value adjusted tangible net worth of $300 million, the value adjusted tangible net worth shall be at least 25% of the value adjusted total assets and unencumbered consolidated cash shall be at least the higher of (i) $30 million and (ii) 6% of our gross interest-bearing debt. “Value adjusted” is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company’s vessels (as determined quarterly by one approved broker).</div><div> </div><div style="color: #000000;">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, the prepayment of DHT Lake and DHT Raven in November 2019, the prepayment of $35 million in March 2019 and the prepayment of $37.0 million in August 2020, the quarterly installments are $4.2 million with a final payment of $82.3 million in the second quarter of 2023.</div><div> </div><div><font style="color: #000000;">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 Credit Facility was reduced to $45.0 million. The scrubber financing tranche is repayable in quarterly installments of $2.25 million with a final payment of $18 million in the second quarter of 2023. </font>Other terms and conditions are unchanged from the existing facility.</div><div> </div><div style="color: #000000;">In May and November 2020, the Company prepaid $25.8 million and $25.8 million, respectively, under the Nordea Credit Facility. The voluntary prepayments were made for all regular installments for 2021 and 2022, respectively.</div><div> </div><div style="color: #000000; font-weight: bold;">ABN AMRO Credit Facility</div><div> </div><div style="color: #000000;">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%. In March 2020 and September 2020, we prepaid $57.8 million and $42.2 million, respectively, under the revolving credit facility tranche and subsequent to the payments, the loan is repayable in quarterly installments of $8.3 million through Q2 2024 with a final payment of $186.1 million with the last installment. In June 2020, we prepaid $33.4 million under the ABN AMRO Credit Facility. The voluntary prepayment was made for all regular installments for 2021. 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).</div><div> </div><div style="font-weight: bold;">Convertible Senior Notes due 2019</div><div> </div><div>In <font style="color: #000000;">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. 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.</font></div><div> </div><div style="font-weight: bold;">Convertible Senior Notes due 2021</div><div> </div><div>In<font style="font-weight: bold; color: #000000;"> </font><font style="color: #000000;">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 paid interest at a fixed rate of 4.50% per annum, payable semiannually in arrears. The convertible senior notes due 2021 were convertible at the option of the holder 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. 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 December 31, 2019. In July 2020, the Company sent notice of its intention to redeem all of the Company’s outstanding convertible senior notes due 2021, on the August 21, 2020 redemption date, at a price equal to 100% of the principal amount of securities being redeemed plus accrued and unpaid interest. On August 21, 2020, the Company announced that holders of $124,999,000 aggregate principal amount of the Company’s convertible senior notes due 2021, representing all of the outstanding convertible senior notes due 2021, had exercised their right to convert their securities into shares of the Company’s common stock at a conversion price of $5.3470 per share (representing a conversion rate of approximately 187.0208 shares of common stock per $1,000 principal amount of convertible senior notes due 2021), as a result of which the Company issued 23,377,397 shares of common stock.</font></div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Note 11- General & Administrative Expenses</div><div> </div><div style="font-weight: bold;">General and Administrative Expenses:</div><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 nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2018</div></td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total Compensation to Employees and Directors</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>14,163</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>10,331</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>11,289</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Office and Administrative Expenses</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,413</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,633</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,449</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,313</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,314</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total General and Administrative Expenses</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">17,890</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">14,789</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">15,052</div></td></tr></table><div><br /></div><div style="font-weight: bold;">Stock Compensation</div><div> </div><div style="color: #000000;">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.</div><div> </div><div style="font-style: italic;">Stock Options</div><div> </div><div style="color: #000000;">The exercise price for options cannot be less than the fair market value of a common stock on the date of grant.</div><div> </div><div style="font-style: italic;">Restricted shares</div><div> </div><div style="color: #000000;">Restricted shares can neither be transferred nor assigned by the participant.</div><div> </div><div style="font-style: italic;">Vesting conditions</div><div> </div><div style="color: #000000;">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.</div><div> </div><div style="color: #000000;">The 2019 Plan may allow for different criteria for new grants.</div><div> </div><div style="font-weight: bold;">Stock Compensation Series</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 colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">  </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;">  </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Number of</div><div style="font-weight: bold;">shares/ options</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);">  </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Vesting</div><div style="font-weight: bold;">Period</div></td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; width: 1.08%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">  </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Fair value</div><div style="font-weight: bold;">at grant date</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(1) Granted October 2005, stock options</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>965</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>10 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>144.00</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(2) Granted March 2012, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>14,515</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>13.80</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(3) Granted June 2013, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>155,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>4 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>4.15</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(4) Granted June 2013, stock options</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>155,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>5 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>1.31</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(5) Granted June 2013, stock options</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>155,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>5 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>0.97</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(6) Granted February 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>29,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>6.92</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(7) Granted February 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>29,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>6.33</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(8) Granted February 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>29,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>5.63</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(9) Granted February 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>88,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>7.61</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(10) Granted June 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>95,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>6.41</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(11) Granted June 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>95,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>5.74</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(12) Granted June 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>95,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>5.13</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(13) Granted June 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>287,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>7.15</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(14) Granted January 2015, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>850,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>8.81</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(15) Granted January 2016, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>824,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>2 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>6.65</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(16) Granted January 2017, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>900,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>2 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>4.61</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(17) Granted January 2018, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>355,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>1 year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>3.92</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(18) Granted January 2018, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>212,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>2.30</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(19) Granted January 2019, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>360,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>4.25</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(20) Granted January 2019, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>200,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>3.04</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(21) Granted March 2019, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>210,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>1 year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>4.60</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(22) Granted January 2020, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>460,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>8.22</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(23) Granted January 2020, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>150,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>1 year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>8.22</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(24) Granted January 2020, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>200,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>1 year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"><div><br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>3.5637</div></td></tr></table><div><br /></div><div style="color: #000000;">The following reconciles the number of outstanding restricted common stock and share options:</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Restricted </div><div style="color: rgb(0, 0, 0); font-weight: bold;">common stock</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Share options</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Weighted average exercise price **</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </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: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </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: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>1,086,331</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>310,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);">$<br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">9.64</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Granted</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>567,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exercised*</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>1,085,331</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Forfeited</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>22,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>310,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">9.64</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Outstanding at December 31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; 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; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">545,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; 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; text-align: right; width: 10.08%; 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: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">-</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>545,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);">$<br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Granted</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>770,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exercised*</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>755,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Forfeited</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Outstanding at December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; 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; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">560,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; 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; text-align: right; width: 10.08%; 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: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">-</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Outstanding at December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>560,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);">$<br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Granted</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>810,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exercised*</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>550,002</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Forfeited</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Outstanding at December 31, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; 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; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">819,998</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; 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; text-align: right; width: 10.08%; 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: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">-</div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><div>*Does not include shares in lieu of dividends</div><div>**To be adjusted for dividends declared and paid subsequent to the respective grant dates.</div><div><br /></div><div style="font-weight: bold;">Stock Compensation Expense</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 nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2018</div></td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>4,792</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>2,532</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>2,458</div></td></tr></table><div><br /></div><div style="color: #000000;">The fair value on the vesting date for shares that vested in 2020 was $4.25 for 125,649 shares, $3.56 for 207,786 shares, $4.60 for 235,650 shares and $8.22 for 32,445 shares. 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. 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 0.75 years as of December 31, 2020.</div><div> </div><div style="color: #000000; font-weight: bold;">Valuation of Stock Compensation</div><div> </div><div style="color: #000000;">For the year 2019, a total of 660,000 shares of restricted stock was awarded to management in January 2020, of which 253,334 vested in January 2021, 53,333 shares will vest in January 2022 and 153,333 shares will vest in January 2023, 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 2020 and the calculated fair value was $3.5637 per share. For the year 2018, a total of 560,000 shares of restricted stock was awarded to management in January 2019, of which 120,000 shares vested in January 2020, 120,000 shares vested in January 2021 and 120,000 shares will vest in January 2022, 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.</div><div> </div><div style="color: #000000;">For the year 2019, a total of 150,000 shares were awarded to the board of directors in January 2020. The calculated fair value at grant date was equal to the share price at grant date and 30,000 shares vested in June 2020. The remaining 120,000 shares will vest in June 2021. 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 vested in June 2020. 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 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.</div><div> </div><div style="color: #000000; font-weight: bold;">Compensation of Directors and Executives</div><div> </div><div>Remuneration of Directors and Executives as a group:</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: middle; 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" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2020</div></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2018</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash compensation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>3,897</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>3,518</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>3,989</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64.67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Pension cost</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>33</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>36</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>202</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64.67%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Share compensation*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>4,364</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>2,003</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>2,250</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64.67%; padding-bottom: 2px;"><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: 0.97%; padding-bottom: 2px; font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;"><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;"><div>8,293</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;"><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;"><div>5,556</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;"><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;"><div>6,441</div></div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><div style="text-indent: -18pt; margin-left: 18pt;">* Share compensation reflects the expense recognized.</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: middle; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2020</div></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2018</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Directors and Executives as a group*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">2,303,011</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>3,615,221</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">3,155,503</div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><div style="text-indent: -18pt; margin-left: 18pt;">*Includes 619,998 (2019: 440,000, 2018: 465,000) shares of restricted stock subject to vesting conditions.</div><div> </div><div style="color: #000000;">In connection with termination of an Executive’s employment, the Executives of the Company may be entitled to an amount equal to 18 months’ base salary and any unvested equity awards may become fully vested in certain circumstances.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000; font-weight: bold;">Note 14 - Tax</div><div> </div><div style="color: #000000;">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, and there are no U.S. legal entities. 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.</div><div> </div><div style="font-weight: bold;">Specification of income tax:</div><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 nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2018</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Income tax payable</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>587</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>111</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>74</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Tax expenses related to previous year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>309</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>32</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>1</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Change in deferred tax</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>5</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>8</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total income tax expense</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; font-weight: bold;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">900</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">83</div></td></tr></table><div><br /></div><div style="font-weight: bold;">Specification of temporary differences and deferred tax:</div><div><br /></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 colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 65%;">  <div style="font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">December 31,</div><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">December 31,</div><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">December 31,</div><div style="font-weight: bold;">2018</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div>Property, plant and equipment</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>2</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>(13</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div>Pensions</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>(612</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>(420</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>(539</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div>Total basis for deferred tax</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" 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" nowrap="nowrap" 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>(610</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><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" 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" nowrap="nowrap" 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); padding-bottom: 2px;"><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" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div>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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>(140</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>(102</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>(155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div>Deferred tax (asset), gross<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (3)</sup></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" 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" nowrap="nowrap" 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>(161</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>)</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" 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" nowrap="nowrap" 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>(126</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>)</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" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(155</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);"><div>)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div>Deferred tax liability, gross<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (3)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>21</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>24</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><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; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td><td style="width: auto; vertical-align: top;"><div>Due to materiality, recognized in prepaid expenses and not on a separate line in the statements of financial position.</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; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></td><td style="width: auto; vertical-align: top;"><div>The general income tax rate is reduced from 23% to 22%, effective from fiscal year 2019, and reduced from 24% to 23%, effective from fiscal year 2018.</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; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></td><td style="width: auto; vertical-align: top;"><div>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></td></tr></table><div> </div><div style="font-weight: bold;">Reconciliation of effective tax rate:</div><div><br /></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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: center; 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;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: center; 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="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Profit/(loss) before income tax</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>267,181</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>73,812</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>(46,845</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><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" 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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Income in subsidiary, subject to income tax</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>900</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>83</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total income tax expense</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; font-weight: bold;"> </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);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">900</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" 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;">131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold; padding-bottom: 2px;"> </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);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">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></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Note 15 - Investment in associate company</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" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2020</div></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" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76.74%; background-color: rgb(204, 238, 255);"><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: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>5,233</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>4,772</div></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; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"><tr><td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Name of associate</div></div></td><td colspan="1" style="width: 1.97%; vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Principal activities</div></div></td><td colspan="1" style="width: 1.97%; vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Place of incorporation and business</div></div></td><td colspan="1" style="width: 2%; vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="3" 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></tr><tr><td style="width: 32%; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="width: 1.97%; vertical-align: bottom; padding-bottom: 2px;"> </td><td style="width: 20%; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="width: 1.97%; vertical-align: bottom; padding-bottom: 2px;"> </td><td style="width: 20%; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="width: 2%; vertical-align: bottom; padding-bottom: 2px;"> </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;">2020</div></div></td><td style="width: 2%; vertical-align: bottom; padding-bottom: 2px;"> </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;">2019</div></div></td></tr><tr><td style="width: 32%; vertical-align: bottom; 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" style="width: 1.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Ship management</div></td><td colspan="1" style="width: 1.97%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"> </td><td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Singapore</div></td><td colspan="1" style="width: 2%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"> </td><td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">50%</div></td><td style="width: 2%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"> </td><td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">50%</div></td></tr></table><div><br /></div><div style="color: #000000;">The following summarizes the share of profit of the associate that is accounted for using the equity method:</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" 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" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Company’s share of</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2020</div></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2019</div></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76.74%; background-color: rgb(204, 238, 255);"><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: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,193</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>852</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76.74%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">- Other comprehensive income for the year, net of tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>104</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>44</div></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76.74%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">- Total comprehensive income for the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>1,297</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>896</div></div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div><font style="font-weight: bold;">The amounts recognised in the statement of financial position at the reporting date are as follows:</font></div><div><font style="font-weight: bold;"><br /></font></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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" rowspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold; text-align: center;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; width: 1%; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; width: 1%; text-align: center; padding-bottom: 2px;"> </td><td colspan="3" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">2018</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>1,793</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>2,494</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>1,971</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Fair value of plan assets</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>1,362</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>1,788</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>1,614</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Net pension obligation</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" 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" nowrap="nowrap" 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;">431</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">707</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">357</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Remeasurement loss/(gain)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">181</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(287</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>182</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 45%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Net balance sheet recorded pension liability December 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;"> </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" nowrap="nowrap" 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;">612</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">420</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">539</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></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000;">The following reconciles the number of outstanding restricted common stock and share options:</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Restricted </div><div style="color: rgb(0, 0, 0); font-weight: bold;">common stock</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Share options</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Weighted average exercise price **</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </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: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </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: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>1,086,331</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>310,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);">$<br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">9.64</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Granted</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>567,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exercised*</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>1,085,331</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Forfeited</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>22,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>310,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">9.64</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Outstanding at December 31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; 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; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">545,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; 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; text-align: right; width: 10.08%; 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: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">-</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>545,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);">$<br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Granted</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>770,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exercised*</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>755,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Forfeited</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Outstanding at December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; 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; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">560,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; 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; text-align: right; width: 10.08%; 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: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">-</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Outstanding at December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>560,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);">$<br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Granted</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>810,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exercised*</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>550,002</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Forfeited</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 60.67%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Outstanding at December 31, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; 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; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">819,998</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; 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; text-align: right; width: 10.08%; 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: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">-</div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><div>*Does not include shares in lieu of dividends</div><div>**To be adjusted for dividends declared and paid subsequent to the respective grant dates.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000;">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 cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td 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" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">As of </div><div style="font-weight: bold;">January 1, 2020 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Financing </div><div style="font-weight: bold;">cash flows <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Amortization</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Equity component </div><div style="font-weight: bold;">of convertible notes</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Other changes <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">As of </div><div style="font-weight: bold;">December 31, 2020</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Bank loans</div></td><td colspan="1" 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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div>734,404</div></td><td colspan="1" 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><td colspan="1" 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; text-align: right; background-color: rgb(204, 238, 255);"><div>(286,733</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" 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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div>2,288</div></td><td colspan="1" 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><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><td colspan="1" nowrap="nowrap" 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><td colspan="1" 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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div>449,959</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2021</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>116,568</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>3,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>(119,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div>)</div></td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right;"><div>-</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Office leases</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>2,846</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(467</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>1,681</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>4,060</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">853,817</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">(287,199</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"><div style="font-weight: bold;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">5,538</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">(119,818</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"><div style="font-weight: bold;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">1,681</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">454,019</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 2px;"> </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" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 2px;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td></tr><tr><td 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" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">As of </div><div style="font-weight: bold;">January 1, 2019 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Financing </div><div style="font-weight: bold;">cash flows <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Amortization</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Equity component </div><div style="font-weight: bold;">of convertible notes</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Other changes <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">As of </div><div style="font-weight: bold;">December 31, 2019</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Bank loans</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>823,299</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>(91,440</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>2,545</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>734,404</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Convertible Senior Notes due 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>32,009</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>(6,426</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>851</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>(26,434</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>-</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>111,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>(7</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>4,607</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>116,568</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Office leases</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; 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: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>(370</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; 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: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>2,846</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 28.28%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="font-weight: bold;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="font-weight: bold;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">853,817</div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><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; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></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: 18pt; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></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<font style="font-style: normal;">.</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: 18pt; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></td><td style="width: auto; vertical-align: top;"><div>Other changes for the year 2020 and 2019 represent new, modified office leases and foreign exchange effects during the year related to 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: 18pt; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></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" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2020</div></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" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76.74%; background-color: rgb(204, 238, 255);"><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: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>5,233</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>4,772</div></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><br /></div><div style="font-style: italic;">Statement of compliance</div><div><br /></div><div style="color: rgb(0, 0, 0);">The DHT Holdings, Inc. consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).</div><div><br /></div><div style="font-style: italic;">Basis of preparation</div><div><br /></div><div style="color: rgb(0, 0, 0);">The financial statements have been prepared on a historical cost basis, except for derivative financial instruments that have been measured at fair value.</div><div><br /></div><div style="color: rgb(0, 0, 0);">Historical cost is generally based on the fair value of the consideration given in exchange for assets.</div><div><br /></div><div style="color: rgb(0, 0, 0);">The principal accounting policies are set out below.</div><div><br /></div><div style="font-style: italic;">Basis of consolidation</div><div><br /></div><div style="color: rgb(0, 0, 0);">The consolidated financial statements comprise the financial statements of the Company and entities controlled by the Company (and its subsidiaries).</div><div><br /></div><div style="color: rgb(0, 0, 0);">Unless otherwise specified, all subsequent references to the “Company” refer to DHT and its subsidiaries. Control is achieved where the Company has power over the investee, is exposed or has the rights to variable returns from its investment with an entity and has the ability to affect those returns through its power over the entity.</div><div><br /></div><div style="color: rgb(0, 0, 0);">The results of subsidiaries acquired or disposed during the year are included in the consolidated financial statements from the effective date of acquisition or up to the effective date of disposal, as appropriate.</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">Acquisitions made by the Company which do not qualify as a business combination under IFRS 3, “Business Combinations,” are accounted for as asset acquisitions.</div><div><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Business combinations</div><div><br /></div><div style="color: rgb(0, 0, 0);">Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Company, liabilities incurred by the Company to the former owners of the acquiree and the equity interests issued by the Company in exchange for control of the acquiree. Acquisition-related costs are generally recognized in profit or loss as incurred.</div><div><br /></div><div style="color: rgb(0, 0, 0);">At the acquisition date, the identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition are recognized at their fair value, except for non-current assets that are classified as held for sale and are recognized at the lower of carrying amount and fair value less cost to sell, and deferred tax assets and liabilities which are recognized at nominal value.</div><div><br /></div><div style="color: rgb(0, 0, 0);">Goodwill arising on acquisition is recognized as an asset measured at the excess of the sum of the consideration transferred, the fair value of any previously held equity interest and the amount of any non-controlling interests in the acquiree over the net amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the Company’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceed the total consideration of the business combination, the excess is recognized in the income statement immediately.</div><div><br /></div><div style="color: rgb(0, 0, 0);">If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts or circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date.</div><div><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Investments in associates</div><div><br /></div><div style="color: rgb(0, 0, 0);">An associated company is an entity over which the Company has significant influence and that is not a subsidiary or a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without the ability to have control over those policies. Significant influence normally exists when the Company has 20% to 50% of the voting rights unless other terms and conditions affect the Company’s influence.</div><div><br /></div><div style="color: rgb(0, 0, 0);">The investments in associates are accounted for using the equity method. Such investments are initially recognized at cost. Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.</div><div><br /></div><div style="color: rgb(0, 0, 0);">Under the equity method, the interest in the investment is based on the Company’s proportional share of the associate’s equity, including any excess value and goodwill. The Company recognizes its share of net income, including depreciation and amortization of excess values and impairment losses, in “Share of profit from associated companies”.</div><div><br /></div><div style="color: rgb(0, 0, 0);">The financial statements of the associate are prepared for the same reporting period as the Company. When necessary, adjustments are made to bring the accounting policies in line with those of the Company.</div><div><br /></div><div style="color: rgb(0, 0, 0);">After application of the equity method, the Company determines whether it is necessary to recognize an impairment loss.</div><div><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Cash and cash equivalents</div><div><br /></div><div style="color: rgb(0, 0, 0);">Interest-bearing deposits that are highly liquid investments and have a maturity of three months or less when purchased are included in cash and cash equivalents. Cash and cash equivalents are recorded at their nominal amount on the statement of financial position.</div><div><br /></div><div style="font-style: italic;">Vessels</div><div><br /></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><br /></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><br /></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><br /></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><br /></div><div style="font-style: italic;">Vessels under construction — pre-delivery installments</div><div><br /></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><br /></div><div style="font-style: italic;">Advances for vessel upgrades</div><div><br /></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><br /></div><div style="font-style: italic;">Docking and survey expenditure</div><div><br /></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 Program surveys and regulatory requirements.  Costs related to ordinary maintenance performed during drydocking are charged to the income statement as part of vessel operating expenses for the period which they are incurred.</div><div><br /></div><div style="font-style: italic;">Vessels held for sale</div><div><br /></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 program 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><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Impairment of vessels</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">The Company assesses at each reporting date if there is any indication that an impairment recognized in prior period may no longer exist or may have decreased. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount, however, not to an extent higher than the carrying amount that would have been determined, had no impairment loss been recognized in prior years. Such reversals are recognized in the income statement.</div><div><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Property, plant and equipment other than vessels</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Bunkers</div><div><br /></div><div style="color: rgb(0, 0, 0);">Bunkers is stated at the lower of cost and net realizable value. Cost is determined using the FIFO method and includes expenditures incurred in acquiring the bunkers and delivery cost less discounts.</div><div><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Leases</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:</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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></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><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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></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><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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></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><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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></td><td style="width: auto; vertical-align: top;"><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><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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></td><td style="width: auto; vertical-align: top;"><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><br /></div><div style="font-style: italic;">Revenue and expense recognition</div><div><br /></div><div style="color: rgb(0, 0, 0);">The Company recognizes revenue from the following major sources:</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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></td><td style="width: auto; vertical-align: top;"><div>Revenue from time charters</div></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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></td><td style="width: auto; vertical-align: top;"><div> Revenue from spot charters</div></td></tr></table><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">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.</div><div><br /></div><div style="color: rgb(0, 0, 0);">Revenue is measured based on the consideration to which the Company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue when it transfers control of a product or service to a customer.</div><div><br /></div><div style="color: rgb(0, 0, 0);">For vessels operating on spot charters, voyage revenues are, under the new revenue standard, recognized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis.</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">Vessel expenses are expensed when incurred and include crew costs, vessel stores and supplies, lubricating oils, maintenance and repairs, insurance and communication costs.</div><div><br /></div><div style="color: rgb(0, 0, 0);">Effective from January 1, 2019, the Company adopted IFRS 16 <font style="font-style: italic;">Leases </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><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Financial liabilities</div><div><br /></div><div style="color: rgb(0, 0, 0);">Financial liabilities are classified as either financial liabilities “at fair value through profit or loss” (FVTPL) or “other financial liabilities”. The FVTPL category comprises the Company’s derivatives. Other financial liabilities of the Company are classified as “other financial liabilities”.</div><div><br /></div><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><br /></div><div style="color: rgb(0, 0, 0);">Other financial liabilities, including debt, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortized cost using the effective interest method, with interest expense recognized on an effective yield basis.</div><div><br /></div><div style="color: rgb(0, 0, 0);">The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.</div><div><br /></div><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;">(b)</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">Derivatives</div></td></tr></table><div><br /></div><div style="color: rgb(0, 0, 0);">The Company uses interest rate swaps to convert part of the interest-bearing debt from floating to fixed rate.</div><div><br /></div><div style="color: rgb(0, 0, 0);">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. The interest rate swaps does not qualify for hedge accounting.</div><div><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Fair Value Measurement</div><div><br /></div><div style="color: rgb(0, 0, 0);">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions. Fair value is an exit price regardless of whether that price is directly observable or estimated using another valuation technique.</div><div><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Financial assets — receivables</div><div><br /></div><div style="color: rgb(0, 0, 0);">Trade receivables are measured at amortized cost using the effective interest method, less any impairment. Normally, the interest element could be disregarded since the receivables are short term. The Company regularly reviews its accounts receivables and estimates the amount of uncollectible receivables each period and establishes an allowance for uncollectible amounts. The amount of the allowance is based on the age of unpaid amounts, information about the current financial strength of customers and other relevant information.</div><div><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Derecognition of financial assets and financial liabilities</div><div><br /></div><div style="color: rgb(0, 0, 0);">The Company derecognizes a financial asset only when the contractual rights to cash flows from the asset expire, or when it transfers the financial asset and substantially all risks and reward of ownership of the asset to another entity.</div><div><br /></div><div style="color: rgb(0, 0, 0);">The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or expire.</div><div><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Foreign currency</div><div><br /></div><div style="color: rgb(0, 0, 0);">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. dollars using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during the period, in which case the exchange rates at the date of the transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity.</div><div><br /></div><div style="font-style: italic;">Classification in the Statement of Financial Position</div><div><br /></div><div style="color: rgb(0, 0, 0);">Current assets and current liabilities include items due less than one year from the reporting date, and items related to the operating cycle, if longer, and those primarily held for trading. The current portion of long-term debt is included as current liabilities. Other assets than those described above are classified as non-current assets.</div><div><br /></div><div style="color: rgb(0, 0, 0);">Where the Company holds a derivative as an economic hedge (even if hedge accounting is not applied) for a period beyond 12 months after the reporting date, the derivative is classified as non-current (or separated into current and non-current).</div><div><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Related parties</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Taxes</div><div><br /></div><div style="color: rgb(0, 0, 0);">The Company is a foreign corporation that is not subject to United States federal income taxes. Further, the Company is not subject to income taxes or tax reporting requirements imposed by the Marshall Islands, the country in which it is incorporated.</div><div><br /></div><div style="color: rgb(0, 0, 0);">The Company’s management companies domiciled in Monaco, Norway and Singapore are taxable in local jurisdictions.</div><div><br /></div><div style="color: rgb(0, 0, 0);">Income tax expense represents the sum of the taxes currently payable and deferred tax. Taxes payable are provided based on taxable profits at the current tax rate. Deferred taxes are recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized.</div><div><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Stock Compensation</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest.</div><div><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Pension</div><div><br /></div><div><font style="color: rgb(0, 0, 0);">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 </font>amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit<font style="color: rgb(0, 0, 0);"> liability or asset.</font></div><div><br /></div><div style="color: rgb(0, 0, 0);">The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the Company’s defined benefit plan. Any surplus resulting from this calculation is limited to the present value of any economic benefit available in the form of refunds from the plans or reductions in future contributions to the plans.</div><div><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Segment information</div><div><br /></div><div style="color: rgb(0, 0, 0);">As the Company’s business is limited to operating a fleet of crude oil tankers, management has organized the entity as one segment based upon the service provided. Consequently, the Company has one operating segment as defined in IFRS 8, Operating Segments.</div><div><br /></div><div style="font-style: italic;">Use of estimates</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></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><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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></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><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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></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><br /></div><div style="color: #000000; font-style: italic;">Use of judgment</div><div> </div><div style="color: #000000;">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="color: #000000; font-style: italic;">Impairment</div><div> </div><div style="color: #000000;">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 style="color: #000000;">Judgment has been applied in connection with the assessment of indicators of impairment or reversal of prior impairment.</div><div> </div><div style="color: #000000; font-style: italic;">Application of new and revised International Financial Reporting Standards (“IFRSs”)</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; color: #000000; font-weight: bold;">(a)</td><td style="width: auto; vertical-align: top;"><div style="color: #000000; font-weight: bold;">New and revised IFRSs, and interpretations mandatory for the first time for the financial year beginning January 1, 2020.</div></td></tr></table><div> </div><div style="color: #000000; font-weight: bold;">Impact of the initial application of Interest Rate Benchmark Reform amendments to IFRS 9 and IFRS 7</div><div> </div><div style="color: #000000;">In September 2019, the IASB issued Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7).</div><div style="color: #000000;">These amendments modify specific hedge accounting requirements to allow hedge accounting to continue for affected hedges during the period of uncertainty before the hedged items or hedging instruments affected by the current interest rate benchmarks are amended as a result of the on-going interest rate benchmark reforms.</div><div><br /></div><div style="color: #000000;">The amendments are not relevant to the Company given that it does not apply hedge accounting to its benchmark interest rate exposures.</div><div> </div><div style="color: #000000; font-weight: bold;">Impact of the initial application of COVID-19-Related Rent Concessions Amendment to IFRS 16</div><div> </div><div style="color: #000000;">In May 2020, the IASB issued COVID-19-Related Rent Concessions (Amendment to IFRS 16) that provides practical relief to lessees in accounting for rent concessions occurring as a direct consequence of COVID-19, by introducing a practical expedient to IFRS 16. The practical expedient permits a lessee to elect not to assess whether a COVID-19-related rent concession is a lease modification. A lessee that makes this election shall account for any change in lease payments resulting from the COVID-19-related rent concession the same way it would account for the change applying IFRS 16 if the change were not a lease modification.</div><div><br /></div><div style="color: #000000;">The practical expedient applies only to rent concessions occurring as a direct consequence of COVID-19 and only if all of the following conditions are met:</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: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right; color: #000000;">a)</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">The change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change;</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; color: #000000;">b)</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">Any reduction in lease payments affects only payments originally due on or before June 30, 2021 (a rent concession meets this condition if it results in reduced lease payments on or before June 30, 2021 and increased lease payments that extend beyond June 30, 2021); and</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; color: #000000;">c)</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">There is no substantive change to other terms and conditions of the lease.</div></td></tr></table><div> </div><div style="color: #000000;">The amendment is not relevant to the Company as it does not have rent concessions occurring as a direct consequence of COVID-19.</div><div> </div><div style="color: #000000; font-weight: bold;">Impact of the initial application of other new and amended IFRS Standards that are effective for the current year</div><div><br /></div><div style="color: #000000;">In the current year, the Company has applied the below amendments to IFRS Standards and Interpretations issued by the IASB that are effective for an annual period that begins on or after January 1, 2020. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.</div><div><br /></div><div style="color: #000000; font-style: italic;">Amendments to References to the Conceptual Framework in IFRS Standards</div><div style="color: #000000;">The Company has adopted the amendments included in Amendments to References to the Conceptual Framework in IFRS Standards for the first time in the current year. The amendments include consequential amendments to affected Standards so that they refer to the new Framework. 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 to (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><br /></div><div><font style="color: #000000;">The Standards which are amended are IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS </font>8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20, IFRIC 22, and SIC-32.</div><div><br /></div><div style="color: #000000; font-style: italic;">Amendments to IFRS 3 Definition of a business</div><div style="color: #000000;">The Company has adopted the amendments to IFRS 3 for the first time in the current year. 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><br /></div><div style="color: #000000;">The amendments remove the assessment of whether market participants are capable of replacing any missing inputs or processes and continuing to produce outputs. The amendments also introduce additional guidance that helps to determine whether a substantive process has been acquired.</div><div><br /></div><div style="color: #000000;">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. The amendments are applied prospectively to all business combinations and asset acquisitions for which the acquisition date is on or after January 1, 2020.</div><div><br /></div><div style="color: #000000; font-style: italic;">Amendments to IAS 1 and IAS 8 Definition of material</div><div style="color: #000000;">The Company has adopted the amendments to IAS 1 and IAS 8 for the first time in the current year. The amendments 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><br /></div><div style="color: #000000;">The threshold for materiality influencing users has been changed from ‘could influence’ to ‘could reasonably be expected to influence’. 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><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: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">(b)</td><td style="width: auto; vertical-align: top;"><div style="color: #000000; font-weight: bold;">New and revised IFRSs that are not mandatorily effective (but allow early application) for the year ending December 31, 2020.</div></td></tr></table><div> </div><div style="color: #000000;">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: 36pt;"><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><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: 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><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: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IAS 1 Classification of Liabilities as Current or Non-current</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: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IFRS 3 Reference to the Conceptual Framework</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: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IAS 16 Property, Plant and Equipment – Proceeds before Intended Use</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: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IAS 37 Onerous Contracts – Cost to Fulfilling a Contract</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: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Annual Improvements to IFRS Standards 2018-2020 Cycle Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases and IAS 41 Agriculture</div></td></tr></table><div> </div><div style="color: #000000;">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 1<font style="color: #000000;">7 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 Insurance Contracts.</font></div><div> </div><div style="color: #000000;">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 style="color: #000000;">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 style="color: #000000;">In June 2020, the IASB issued Amendments to IFRS 17 to address concerns and implementation challenges that were identified after IFRS 17 was published. The amendments defer the date of initial application of IFRS 17 (incorporating the amendments) to annual reporting periods beginning on or after January 1, 2023. At the same time, the IASB issued Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4) that extends the fixed expiry date of the temporary exemption from applying IFRS 9 in IFRS 4 to annual reporting periods beginning on or after January 1, 2023.</div><div> </div><div style="color: #000000;">IFRS 17 must be applied retrospectively unless impracticable, in which case the modified retrospective approach or the fair value approach is applied.</div><div> </div><div style="color: #000000;">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="color: #000000; font-weight: bold;">Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture</div><div> </div><div style="color: #000000;">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 style="color: #000000;">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 Company’s consolidated financial statements in future periods should such transactions arise.</div><div> </div><div style="color: #000000; font-weight: bold;">Amendments to IAS 1 Classification of Liabilities as Current or Non-current</div><div> </div><div style="color: #000000;">The amendments to IAS 1 affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount or timing of recognition of any asset, liability, income or expense, or the information disclosed about those items.</div><div> </div><div style="color: #000000;">The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services.</div><div> </div><div style="color: #000000;">The amendments are applied retrospectively for annual periods beginning on or after January 1, 2023, with early application permitted.</div><div><br /></div><div style="color: #000000; font-weight: bold;">Amendments to IFRS 3 Reference to the Conceptual Framework</div><div> </div><div style="color: #000000;">The amendments update IFRS 3 so that it refers to the 2018 Conceptual Framework instead of the 1989 Framework. They also add to IFRS 3 a requirement that, for obligations within the scope of IAS 37, an acquirer applies IAS 37 to determine whether at the acquisition date a present obligation exists as a result of past events. For a levy that would be within the scope of IFRIC 21 Levies, the acquirer applies IFRIC 21 to determine whether the obligating event that gives rise to a liability to pay the levy has occurred by the acquisition date.</div><div><br /></div><div style="color: #000000;">Finally, the amendments add an explicit statement that an acquirer does not recognize contingent assets acquired in a business combination.</div><div><br /></div><div style="color: #000000;">The amendments are effective for business combinations for which the date of acquisition is on or after the beginning of the first annual period beginning on or after January 1, 2022. Early application is permitted if an entity also applies all other updated references (published together with the updated Conceptual Framework) at the same time or earlier.</div><div><br /></div><div style="color: #000000; font-weight: bold;">Amendments to IAS 16 Property, Plant and Equipment – Proceeds before Intended Use</div><div><br /></div><div style="color: #000000;">The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before that asset is available for use, i.e., proceeds while bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Consequently, an entity recognizes such sales proceeds and related costs in profit or loss. The entity measures the cost of those items in accordance with IAS 2 Inventories.</div><div><br /></div><div style="color: #000000;">The amendments also clarify the meaning of ‘testing whether an asset is functioning properly’. IAS 16 now specifies this as assessing whether the technical and physical performance of the asset is such that it is capable of being used in the production or supply of goods or services, for rental to others, or for administrative purposes.</div><div><br /></div><div style="color: #000000;">If not presented separately in the statement of comprehensive income, the financial statements shall disclose the amounts of proceeds and cost included in profit or loss that relate to items produced that are not an output of the entity’s ordinary activities, and which line item(s) in the statement of comprehensive income include(s) such proceeds and cost.</div><div><br /></div><div style="color: #000000;">The amendments are applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments.</div><div><br /></div><div style="color: #000000;">The entity shall recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of that earliest period presented.</div><div><br /></div><div style="color: #000000;">The amendments are effective for annual periods beginning on or after January 1, 2022, with early application permitted.</div><div><br /></div><div style="color: #000000; font-weight: bold;">Amendments to IAS 37 Onerous Contracts – Cost of Fulfilling a Contract</div><div><br /></div><div style="color: #000000;">The amendments specify that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract’. Costs that relate directly to a contract consist of both the incremental costs of fulfilling that contract (examples would be direct labor or materials) and an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract).</div><div><br /></div><div style="color: #000000;">The amendments apply to contracts for which the entity has not yet fulfilled all its obligations at the beginning of the annual reporting period in which the entity first applies the amendments. Comparatives are not restated. Instead, the entity shall recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings or other component of equity, as appropriate, at the date of initial application.</div><div><br /></div><div style="color: #000000;">The amendments are effective for annual periods beginning on or after January 1, 2022, with early application permitted.</div><div><br /></div><div style="color: #000000; font-weight: bold;">Annual Improvements to IFRS Standards 2018-2020</div><div><br /></div><div style="color: #000000;">The Annual Improvements include amendments to four Standards:</div><div><br /></div><div style="color: #000000; font-style: italic;">IFRS 1 First-time Adoption of International Financial Reporting Standards</div><div style="color: #000000;">The amendment provides additional relief to a subsidiary which becomes a first-time adopter later than its parent in respect of accounting for cumulative translation differences. As a result of the amendment, a subsidiary that uses the exemption in IFRS 1:D16(a) can now also elect to measure cumulative translation differences for all foreign operations at the carrying amount that would be included in the parent’s consolidated financial statements, based on the parent’s date of transition to IFRS Standards, if no adjustments were made for consolidation procedures and for the effects of the business combination in which the parent acquired the subsidiary. A similar election is available to an associate or joint venture that uses the exemption in IFRS 1:D16(a).</div><div><br /></div><div style="color: #000000;">The amendment is effective for annual periods beginning on or after January 1, 2022, with early application permitted.</div><div><br /></div><div style="color: #000000; font-style: italic;">IFRS 9 Financial Instruments</div><div style="color: #000000;">The amendment clarifies that in applying the ‘10 per cent’ test to assess whether to derecognize a financial liability, an entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other’s behalf.</div><div><br /></div><div style="color: #000000;">The amendment is applied prospectively to modifications and exchanges that occur on or after the date the entity first applies the amendment.</div><div><br /></div><div style="color: #000000;">The amendment is effective for annual periods beginning on or after January 1, 2022, with early application permitted.</div><div><br /></div><div style="color: #000000; font-style: italic;">IFRS 16 Leases</div><div style="color: #000000;">The amendment removes the illustration of the reimbursement of leasehold improvements. As the amendment to IFRS 16 only regards an illustrative example, no effective date is stated.</div><div><br /></div><div style="color: #000000; font-style: italic;">IAS 41 Agriculture</div><div style="color: #000000;">The amendment removes the requirement in IAS 41 for entities to exclude cash flows for taxation when measuring fair value. This aligns the fair value measurement in IAS 41 with the requirements of IFRS 13 Fair Value Measurement to use internally consistent cash flows and discount rates and enables preparers to determine whether to use pretax or post-tax cash flows and discount rates for the most appropriate fair value measurement.</div><div><br /></div><div style="color: #000000;">The amendment is applied prospectively, i.e., for fair value measurements on or after the date an entity initially applies the amendment.</div><div><br /></div><div style="color: #000000;">The amendment is effective for annual periods beginning on or after January 1, 2022, 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><br /></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 colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 65%;">  <div style="font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">December 31,</div><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">December 31,</div><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">December 31,</div><div style="font-weight: bold;">2018</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div>Property, plant and equipment</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>2</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>(13</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div>Pensions</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>(612</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>(420</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>(539</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div>Total basis for deferred tax</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" 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" nowrap="nowrap" 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>(610</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><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" 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" nowrap="nowrap" 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); padding-bottom: 2px;"><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" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div>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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>(140</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>(102</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>(155</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div>)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div>Deferred tax (asset), gross<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (3)</sup></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" 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" nowrap="nowrap" 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>(161</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>)</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" 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" nowrap="nowrap" 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>(126</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>)</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" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>(155</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);"><div>)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div>Deferred tax liability, gross<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (3)</sup></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>21</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>24</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><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; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td><td style="width: auto; vertical-align: top;"><div>Due to materiality, recognized in prepaid expenses and not on a separate line in the statements of financial position.</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; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></td><td style="width: auto; vertical-align: top;"><div>The general income tax rate is reduced from 23% to 22%, effective from fiscal year 2019, and reduced from 24% to 23%, effective from fiscal year 2018.</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; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></td><td style="width: auto; vertical-align: top;"><div>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></td></tr></table></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: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">  </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;">  </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Number of</div><div style="font-weight: bold;">shares/ options</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);">  </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Vesting</div><div style="font-weight: bold;">Period</div></td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; width: 1.08%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">  </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Fair value</div><div style="font-weight: bold;">at grant date</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(1) Granted October 2005, stock options</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>965</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>10 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>144.00</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(2) Granted March 2012, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>14,515</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>13.80</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(3) Granted June 2013, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>155,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>4 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>4.15</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(4) Granted June 2013, stock options</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>155,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>5 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>1.31</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(5) Granted June 2013, stock options</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>155,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>5 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>0.97</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(6) Granted February 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>29,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>6.92</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(7) Granted February 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>29,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>6.33</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(8) Granted February 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>29,333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>5.63</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(9) Granted February 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>88,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>7.61</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(10) Granted June 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>95,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>6.41</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(11) Granted June 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>95,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>5.74</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(12) Granted June 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>95,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>5.13</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(13) Granted June 2014, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>287,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>7.15</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(14) Granted January 2015, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>850,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>8.81</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(15) Granted January 2016, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>824,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>2 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>6.65</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(16) Granted January 2017, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>900,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>2 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>4.61</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(17) Granted January 2018, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>355,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>1 year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>3.92</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(18) Granted January 2018, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>212,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>2.30</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(19) Granted January 2019, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>360,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>4.25</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(20) Granted January 2019, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>200,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>3.04</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(21) Granted March 2019, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>210,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>1 year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>4.60</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(22) Granted January 2020, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>460,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>3 years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>8.22</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(23) Granted January 2020, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>150,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;"><div>1 year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>8.22</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">(24) Granted January 2020, restricted shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>200,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: right;"><div>1 year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.17%;"><div><br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>3.5637</div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000; font-weight: bold;">Note 12 - Related parties</div><div> </div><div style="color: #000000;">Related party transactions relate to the Company’s subsidiaries, associated company, employees and members of the board of directors.</div><div> </div><div style="color: #000000;">Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in this note.</div><div> </div><div style="color: #000000;">Subsequent to DHT’s acquisition of the shares in Samco, the Company owns 50% of Goodwood. As of December 31, 2020, Goodwood is the technical manager for 24 of the Company’s vessels. In 2020, total technical management fees paid to Goodwood were $3,310 thousand. 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.</div><div> </div><div style="color: #000000;">Further, DHT has issued certain guarantees for certain of its subsidiaries. This mainly relates to the Company’s credit facilities, which are all guaranteed by DHT Holdings.</div></div>
8600000
0
0
0
214669000
0
0
0
0
0
0
0
0
11487000
0
28685000
0
0
28685000
0
0
11487000
0
0
214669000
47000000
11400000
2900000
51500000
7100000
2800000
2900000
7300000
2900000
2900000
34200000
82000000
11487000
214669000
28685000
214669000
28685000
11487000
0.02
0.32
0.02
0.02
0.20
0.05
0.02
0.20
0.05
0.35
0.48
0.08
0.08
0.05
0.02
1.35
835000
513000
409000
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000;">The components of the calculation of basic EPS and diluted EPS 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" 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;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; 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="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Profit/(loss) for the period used for calculation of EPS - basic</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>266,266</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>73,679</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>(46,927</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest and amortization on the convertible notes</div></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%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div>6,766</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div>12,177</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Profit/(loss) for the period used for calculation of EPS - dilutive</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>273,032</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>85,856</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>(46,927</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;"><u>Basic earnings per share:</u></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" 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; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Weighted average shares outstanding - basic</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>155,712,886</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>143,437,164</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>143,429,610</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;"><u>Diluted earnings per share:</u></div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Weighted average shares outstanding - basic</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>155,712,886</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>143,429,610</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Dilutive equity awards</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">65,873</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">133,342</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">5,311</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Dilutive shares related to convertible notes</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" 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; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">14,275,217</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Weighted average shares outstanding - dilutive</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>170,053,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>168,159,876</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>143,434,921</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr></table></div>
216000
404000
266000
1108940000
932449000
-285383000
0
0
1468000
-1364000
5676000
925892000
1140794000
0
5000
1531000
-240165000
861668000
1169537000
1848000
1424000
-226821000
0
1145107000
0
1140794000
5676000
-222087000
0
1427000
1424000
921158000
85000
73000
85000
32000
4248000
1708000
0
0
-188709000
0
-4734000
169000
1291505000
19000
0
-4734000
0
0
0
962796000
850336000
1827218000
1621989000
1081780000
850506000
1108921000
932444000
2458000
2532000
4792000
98700000
175204000
890569000
492135000
1789000
3139000
2060000
1380000
2564000
15600000
1425000
3147000
1976000
1681000
2786000
23673000
1859000
2541000
1780000
2131000
1961000
2513000
1748000
2792000
73000
119000
-1055000
0
0
0
-5191000
-9863000
-8074000
15052000
17890000
14789000
14782000
13735000
19148000
996301000
0
19110000
494552000
140707000
475441000
855593000
0
0
0
0
3500000
0
12560000
35278000
-455000
93452000
0
-12560000
0
-12560000
0
3500000
131000
900000
83000
83000
131000
900000
-27588000
17652000
1285000
4709000
-17182000
6242000
58000
-16000
-99000
44000
119818000
0
0
26391000
0
0
0
26435000
0
0
119584000
234000
0
0
0
-370000
-98243000
-467000
-6426000
-286733000
-91440000
-287199000
-7000
1732000
1732000
1681000
1681000
2599000
-317000
0
0
0
6414000
6000
12000
-3827000
2717000
0
8000
0
5106000
0
0
2331000
0
0
2640000
0
0
0
2383000
-39795000
-22964000
0
-2493000
-4896000
0
-9480000
-6750000
-30552000
-8589000
452000
452000
1430000
1430000
55332000
38408000
54211000
12177000
10341000
6766000
36000
27000
18000
4772000
5233000
201000
201000
468817000
434172000
3165000
0
3165000
0
0
0
0
0
1708000
1468000
1468000
1708000
6441000
8293000
5556000
202000
36000
33000
2003000
4364000
2250000
3989000
3897000
3518000
1484000
513049000
894768000
118984000
170000
853817000
111968000
116568000
1484000
2846000
968759000
823299000
32009000
734404000
0
4060000
454019000
449959000
853817000
0
1708000
2090000
1439000
1866000
446562000
750586000
116568000
0
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000;">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, 2020 (and spot rate at December 31, 2019 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">As of December 31, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </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: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </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: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </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: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"> </td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">2 to 5</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">More than</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"> </td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">1 year</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">years</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">5 years</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Total</div></td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest bearing loans</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>19,110</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>475,441</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.62%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>494,552</div></td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest rate swaps</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>8,541</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>12,415</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.62%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>20,956</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">27,651</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">487,857</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.62%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">515,507</div></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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">As of December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.62%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 11.35%;"> </td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">2 to 5</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">More than</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 11.35%;"> </td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">1 year</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">years</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">5 years</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Total</div></td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest bearing loans</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>140,707</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>855,593</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.62%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; background-color: rgb(204, 238, 255);"><div>996,301</div></td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest rate swaps</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>3,523</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>8,105</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.62%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0);"><div>11,629</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 40.43%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">144,230</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; 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: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.62%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.22%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 11.35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,007,929</div></td></tr></table></div>
175204000
98700000
107848000
30060000
Goodwood Ship Management Pte. Ltd.
DHT Lotus Inc
DHT Leopard Limited
DHT Eagle, Inc.
DHT Mustang Inc
Samco Kappa Ltd
DHT Bronco Inc
Samco Gamma Ltd
Samco Epsilon Ltd
DHT Puma Limited
DHT Falcon Inc
DHT Tiger Limited
DHT Lake Inc
DHT Stallion Inc
Samco Delta Ltd
DHT Panther Limited
DHT Peony Inc
Samco Theta Ltd
DHT Phoenix, Inc.
Samco Iota Ltd
Sophie Tanker Corporation
DHT Jaguar Limited
DHT Edelweiss Inc
DHT Opal Inc
DHT Bauhinia Inc
DHT Colt Inc
DHT Lion Limited
Cathy Tanker Corporation
Samco Eta Ltd
DHT Hawk Inc
DHT Condor, Inc.
DHT Raven Inc
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BM
--12-31
2020-12-31
No
No
Yes
Accelerated Filer
DHT Holdings, Inc.
0001331284
170798328
2020
FY
20-F
true
false
false
Yes
false
false
2288000
851000
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<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 border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td style="width: 24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Company</div></td><td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Vessel name</div></td><td style="width: 10.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold; text-align: center;">Dwt</div></td><td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold; text-align: center;">Flag State</div></td><td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold; text-align: center;">Year Built</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Mustang Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Mustang</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">317,975</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2018</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Bronco Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Bronco</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">317,975</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2018</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Colt Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Colt</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">319,713</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2018</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Stallion Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Stallion</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">319,713</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2018</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Tiger Limited</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Tiger</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">299,629</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2017</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Puma Limited</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Puma</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">299,629</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2016</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Panther Limited</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Panther</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">299,629</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2016</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Lion Limited</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Lion</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">299,629</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2016</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Leopard Limited</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Leopard</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">299,629</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2016</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Jaguar Limited</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Jaguar</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">299,629</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2015</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Opal Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Opal</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">320,105</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2012</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>Samco Theta Ltd</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Sundarbans</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">314,249</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">RIF</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2012</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Iota Ltd</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Taiga</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">314,249</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2012</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Peony Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Peony</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">320,013</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2011</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Lotus Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Lotus</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">320,142</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2011</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>Samco Eta Ltd</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Amazon</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">314,249</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">RIF</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2011</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Kappa Ltd</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Redwood</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">314,249</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2011</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Edelweiss Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Edelweiss</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">301,021</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2008</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Epsilon Ltd</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT China</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">317,794</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">RIF</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2007</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>Samco Delta Ltd</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Europe</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">317,713</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2007</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Bauhinia Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Bauhinia</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">301,019</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2007</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Hawk Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Hawk</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">298,923</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2007</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Samco Gamma Ltd</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Scandinavia</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">317,826</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2006</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Falcon Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Falcon</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">298,971</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2006</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Lake Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Lake</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">298,564</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2004</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Raven Inc</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Raven</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">298,563</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2004</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Condor, Inc.</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Condor</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">320,050</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2004</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>DHT Eagle, Inc.</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Eagle **</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">309,064</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2002</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Phoenix, Inc.</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Phoenix ***</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">307,151</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Hong Kong</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">1999</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top;"><div>Cathy Tanker Corporation</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="font-style: italic;">DHT Cathy*</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top;"><div style="text-align: center;">115,000</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top;"><div style="text-align: center;">Marshall Islands</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top;"><div style="text-align: center;">2004</div></td></tr><tr><td nowrap="nowrap" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Sophie Tanker Corporation</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-style: italic;">DHT Sophie*</div></td><td nowrap="nowrap" style="width: 10.32%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">115,000</div></td><td nowrap="nowrap" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Marshall Islands</div></td><td nowrap="nowrap" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2003</div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><div style="text-indent: -18pt; margin-left: 18pt;">* DHT Sophie and DHT Cathy were sold to one buyer in October 2018. Both vessels were delivered to the buyer during fourth quarter 2018.</div><div style="text-indent: -18pt; margin-left: 18pt; color: #000000;">** DHT Eagle was sold in November 2017 and was delivered to the buyer in December 2017.</div><div style="text-indent: -18pt; margin-left: 18pt; color: #000000;">*** 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 border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 41%;"><div style="font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" 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; color: #000000; font-weight: bold;">Vessels</div></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" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Drydock</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" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Scrubbers</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; color: #000000; font-weight: bold;">Time </div><div style="text-align: center; color: #000000; font-weight: bold;">charter </div><div style="text-align: center; color: #000000; font-weight: bold;">contracts</div></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="3" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Total</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Cost</div></td><td colspan="1" nowrap="nowrap" 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" 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" 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" 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" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2020</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>2,014,093</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>43,820</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>42,482</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: 8%; background-color: rgb(204, 238, 255);"><div>2,106,997</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred from vessels upgrades</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">4,896</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">9,480</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">8,589</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">22,964</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">(8,505</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(8,505</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">2,018,989</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">44,795</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">51,071</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">6,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">2,121,456</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"><div style="margin-left: 9pt;"> </div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Accumulated depreciation and impairment</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(487,996</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(17,880</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(6,507</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(5,170</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(517,553</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Charge for the period</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(96,153</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(12,756</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(13,525</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(978</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">(123,412</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Impairment charges</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(12,560</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(12,560</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Disposals</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">8,505</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">8,505</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2020</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" 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" nowrap="nowrap" 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;">(596,709</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">(22,130</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">(20,032</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">(6,148</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(645,020</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,422,279</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">22,665</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">31,039</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">452</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,476,436</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Cost</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Additions*</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(42</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(375</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(721</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">(1,139</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Disposals</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">2,106,997</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2019</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(391,894</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(9,171</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(388</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(4,193</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">(405,647</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Disposals</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">(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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">(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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">(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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">(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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(517,553</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,526,097</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">25,941</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">35,976</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,430</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,589,444</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Vessel upgrades</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">As of January 1, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">1,371</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">10,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">11,652</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Additions</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">6,313</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">12,745</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">9,524</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">28,581</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">(4,896</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">(9,480</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">(8,589</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(22,964</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">As of December 31, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">2,788</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">3,265</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">11,216</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">17,269</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); font-weight: bold;">As of January 1, 2019</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Additions</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">8,121</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">40,832</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">51,446</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred to vessels</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">As of December 31, 2019</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" 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; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,371</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">10,281</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">11,652</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></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><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; vertical-align: top; align: right;">*</td><td style="width: auto; vertical-align: top;"><div>Additions in 2019 relates to adjustments to capitalized expenses in 2018.</div></td></tr></table><div> </div><div style="font-style: italic;">Depreciation</div><div> </div><div style="color: #000000;">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="color: #000000; font-style: italic;">Carrying Value and Impairment</div><div> </div><div><font style="color: #000000;">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.</font> In instances where a vessel is considered impaired, it is written down to its recoverable amount. <font style="color: #000000;">Given the significance of these assets to our financial reporting, an impairment charge and/or reversal of previously recognized impairments could have a material impact on the Company’s financial reporting. Management continuously monitors both external and internal factors to determine if there are indicators that the vessels may be impaired or, in case of previously recognized impairment, that there are indicators that this may be reversed. Possible external factors include changes in the current market conditions, charter rates, market capitalization to book value of equity, and broker rates. Possible internal factors include weighted average cost of capital and changes in circumstances affecting the physical condition of the vessels. To the extent it is determined that indicators of impairment and/or reversal of previously recognized impairment exist, the value in use is estimated for the respective vessels. A reversal of a previously recognized impairment loss is recorded only to the extent there has been an increase in the estimated service potential of an asset, either from use or sale.</font></div><div> </div><div style="color: #000000;">For the year ended December 31, 2020, impairment indicators were identified for some of our vessels, due to the difference between the carrying value and the estimated market value of the vessel, and thus the Company performed further testing to determine the recoverable amount of the cash generating units.</div><div> </div><div style="color: #000000;">When determining the recoverable amount of the cash generating units, management applies a significant level of judgment when determining the assumptions used to calculate the value in use for each cash generating unit, especially regarding the expected future charter rates and the weighted average cost of capital. Although current charter rates are observable and there is some available information about expected future charter rates, history has proven that the charter rates are seasonal in nature and volatile.</div><div> </div><div style="color: #000000;">In developing estimates of future cash flows, we must make significant assumptions about  future use of vessels, ship operating expenses, drydocking expenditures, utilization rate, fixed commercial and technical management fees, residual value of vessels and the estimated remaining useful lives of the vessels in addition to the future charter rates and weighted average cost of capital as described above. These assumptions 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. 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 style="color: #000000;">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><font style="color: #000000;">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 were 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.</font> There can be no assurance as to how long charter rates and vessel values will remain at their current levels or whether or when they will change by any significant degree. Charter rates may decline significantly from current levels, which could adversely affect our revenue and profitability and future assessments of vessel impairment.</div><div> </div><div>For the year ended December 31, 2020, the Company recorded a non-cash impairment charge of $12.6 million related to three vessels, DHT China with $2.8 million, DHT Europe with $6.3 million and DHT Scandinavia with $3.5 million, respectively. The recoverable amount as of December 31, 2020 was $38.4 million for DHT China, $38.0 million for DHT Europe and $40.4 million for DHT Scandinavia, respectively.</div><div> </div><div style="color: #000000;">In the fourth quarter of 2020, we adjusted the carrying value of DHT China, DHT Europe and DHT Scandanavia through a non-cash impairment charge of $7.6 million. The impairment test was performed using an estimated WACC of 8.59%. As DHT operates in a non-taxable environment specific to shipping revenues, the WACC is the same on a before- and after-tax basis. The rates used for the impairment testing were as follows: (a) the current Forward Freight Agreements (“FFA”) for the first two years, estimated by Braemar ACM Shipbroking, 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  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  exposure to the spot market, including the prevalence of profit sharing arrangements in time charter contracts. 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, 2020 for the VLCCs was $19,610 per day for 2021 and $25,279 per day for 2022. Thereafter, the time charter equivalent rate used for the VLCCs was $42,466. 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 2022 for VLCCs built in 2015 and later, and $4,000 per day has been added through 2022 for VLCCs with scrubbers. For vessels on charter we assumed the contractual rate for the remaining term of the charter. The most sensitive and/or subjective assumptions that have the potential to affect the outcome of the impairment assessment for the vessels are the WACC and the future rates. Decreasing the WACC by 0.5% would decrease the impairment charge by $1.5 million. Increasing/decreasing the future rates by $500 per day would decrease/increase the impairment charge by $1.4 million.</div><div> </div><div style="color: #000000;">In the third quarter of 2020, we adjusted the carrying value of DHT China, DHT Europe and DHT Scandanavia through a non-cash impairment charge of $4.9 million. The impairment test was performed using an estimated WACC of 8.12%. The time charter equivalent FFA rates used for the impairment test as of September 30, 2020 for the VLCCs was $20,107 per day for the fourth quarter of 2020, $21,550 per day for 2021 and $21,194 per day for the first three quarters of 2022. Thereafter, the time charter equivalent rate used for the VLCCs was $42,557. 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 2022 for VLCCs built in 2015 and later, and $3,000 per day has been added through 2022 for VLCCs with scrubbers. For vessels on charter we assumed the contractual rate for the remaining term of the charter.</div><div> </div><div style="color: #000000;">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 style="color: #000000;">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 style="color: #000000; font-style: italic;">Intangible assets</div><div> </div><div style="color: #000000; font-weight: bold;">Time charter contracts</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: 67.59%;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.24%; border-bottom: 2px solid rgb(0, 0, 0);">  <br /><div><div style="font-weight: bold;">Expected useful life</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="6" nowrap="nowrap" rowspan="1" 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></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 67.59%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.24%; padding-bottom: 2px;"><div><div style="text-align: center; font-weight: bold;"><br /></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2020</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="2" 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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 67.59%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">DHT China charter</div></td><td valign="bottom" style="vertical-align: bottom; width: 9.24%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-align: center; text-indent: -7.2pt; margin-right: 7.2pt; margin-left: 7.2pt; font-style: italic;">Finite</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>452</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,430</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 67.59%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td valign="bottom" style="vertical-align: bottom; width: 9.24%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">452</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">1,430</div></td></tr></table><div><br /></div><div style="color: #000000;">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 0.5 years. The time charter contract is presented on the same line as vessels in the statement of financial position.</div><div> </div><div style="color: #000000; font-style: italic;">Pledged assets</div><div> </div><div style="color: #000000;">As of December 31, 2020, 22 of the Company’s 27 vessels were pledged as collateral under the Company’s secured credit facilities and the Company had five unencumbered vessels.</div><div> </div><div style="color: #000000; font-style: italic;">Technical Management Agreements</div><div> </div><div style="color: #000000;">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.</div></div>
206118
281094
80101
891136
20000
207786
32445
10435
235650
125649
212823
264000
3.50
3.38
4.60
4.60
2.30
3.04
8.22
4.25
4.61
3.56
3.92
4.30
0
1613000
1613000
0
0
0
0
0
0
0
1061241
892497
1061241
1175136
790571
601530
4390025
23377397
23377397
4390025
3000
0
0
0
0
3000
0
0
1400000
12600000
7600000
2800000
4900000
6300000
3500000
4000
4000
4000
3000
0.0859
0.0812
P15Y
3
0.005
21550
19610
300
1400000
500
21194
25279
1589444000
1476436000
1526097000
1430000
25941000
22665000
452000
31039000
1422279000
35976000
22964000
2493000
39795000
30552000
4896000
6750000
0
0
9480000
8589000
-96153000
-115022000
-11824000
-12756000
-6118000
-978000
-13525000
-96102000
-123412000
-978000
0.2
0.2
42466
42557
1500000
20107
10331000
11289000
14163000
1314000
1826000
1313000
2413000
2633000
2449000
6.65
5.13
8.22
7.61
7.15
13.80
3.5637
5.63
4.25
6.92
8.81
4.61
3.04
4.60
6.41
2.30
4.15
5.74
6.33
3.92
8.22
P3Y
P3Y
P3Y
P4Y
P3Y
P3Y
P2Y
P3Y
P3Y
P3Y
P3Y
P3Y
P10Y
P1Y
P5Y
P1Y
P1Y
P1Y
P5Y
P3Y
P3Y
P2Y
P3Y
P3Y
1.31
0.97
144.00
1.35
1.35
1.35
1.35
Quarterly
Semi annually
Quarterly
Quarterly
Quarterly
Quarterly
Semi annually
Semi annually
P5Y
P5Y
P6Y
0.06
0.06
0.06
0.06
700000
1200000
4200000
2250000
8300000
9
50000000
45000000
5000000
12700000
25800000
25800000
37000000
35000000
42200000
57800000
33400000
2
200000000
300000000
300000000
300000000
0.25
0.25
0.25
0.25
29700000
24300000
82300000
18000000
186100000
20000000
30000000
30000000
30000000
5026000
3248000
0
5026000
0
3248000
35404000
49233000
40040000
-7000
38945000
0
0
38945000
-7000
1077000
345000
212000
-27117000
-11845000
-53803000
0
-223033000
0
75000
0
0
-930000
0
-15306000
2599000
2331000
5106000
663000
4204000
693000
-9994000
22231000
-1874000
0
0
3589000
2518000
-3111000
-255000
508000
2265000
1141000
1
1
28
10
5
22
27
27
27
406000
293000
403000
14000
9000
10000
302000
420000
413000
-63000
-768000
-108000
234000
357000
707000
431000
181000
-287000
182000
1614000
1788000
1362000
0.0000
0.0050
0.0080
0.0200
0.0200
0.0250
P19Y
P19Y
P18Y
0.7
P67Y
0
0
0
42000
54000
31000
57000
37000
31000
0
0
0
-119000
-21000
71000
0.0170
0.0230
0.0260
3
2018
2018
2004
2012
2008
2011
2016
2012
2011
2012
2003
1999
2004
2016
2011
2007
2018
2006
2004
2018
2016
2006
2002
2017
2011
2016
2015
2007
2004
2007
2007
2016
RIF
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
RIF
Hong Kong
Hong Kong
Marshall Islands
Hong Kong
Marshall Islands
Hong Kong
Hong Kong
Hong Kong
RIF
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
320050
320142
299629
314249
317794
314249
301019
298564
320013
317826
299629
299629
298923
298563
299629
319713
301021
309064
319713
115000
299629
317713
115000
298971
320105
317975
314249
317975
314249
299629
307151
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Vessels and time charter contracts</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 41%;"><div style="font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" 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; color: #000000; font-weight: bold;">Vessels</div></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" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Drydock</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" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Scrubbers</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; color: #000000; font-weight: bold;">Time </div><div style="text-align: center; color: #000000; font-weight: bold;">charter </div><div style="text-align: center; color: #000000; font-weight: bold;">contracts</div></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="3" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Total</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Cost</div></td><td colspan="1" nowrap="nowrap" 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" 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" 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" 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" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2020</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>2,014,093</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>43,820</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>42,482</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: 8%; background-color: rgb(204, 238, 255);"><div>2,106,997</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred from vessels upgrades</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">4,896</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">9,480</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">8,589</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">22,964</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">(8,505</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(8,505</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">2,018,989</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">44,795</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">51,071</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">6,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">2,121,456</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"><div style="margin-left: 9pt;"> </div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Accumulated depreciation and impairment</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(487,996</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(17,880</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(6,507</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(5,170</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(517,553</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Charge for the period</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(96,153</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(12,756</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(13,525</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(978</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">(123,412</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Impairment charges</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(12,560</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(12,560</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Disposals</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">8,505</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">8,505</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2020</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" 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" nowrap="nowrap" 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;">(596,709</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">(22,130</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">(20,032</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">(6,148</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(645,020</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,422,279</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">22,665</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">31,039</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">452</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,476,436</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Cost</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Additions*</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(42</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(375</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(721</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">(1,139</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Disposals</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">2,106,997</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of January 1, 2019</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(391,894</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(9,171</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(388</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(4,193</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">(405,647</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Disposals</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">(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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">(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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">(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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" 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;">(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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(517,553</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">As of December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,526,097</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">25,941</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">35,976</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,430</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,589,444</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Vessel upgrades</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">As of January 1, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">1,371</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">10,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">11,652</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Additions</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">6,313</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">12,745</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">9,524</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">28,581</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">(4,896</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">(9,480</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">(8,589</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(22,964</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">As of December 31, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">2,788</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">3,265</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">11,216</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">17,269</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%;"><div style="color: rgb(0, 0, 0); font-weight: bold;">As of January 1, 2019</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Additions</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">8,121</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">40,832</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">51,446</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); margin-left: 9pt;">Transferred to vessels</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 41%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">As of December 31, 2019</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" 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; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,371</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">10,281</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">11,652</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></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><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; vertical-align: top; align: right;">*</td><td style="width: auto; vertical-align: top;"><div>Additions in 2019 relates to adjustments to capitalized expenses in 2018.</div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000; font-weight: bold;">Time charter contracts</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: 67.59%;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: center; width: 9.24%; border-bottom: 2px solid rgb(0, 0, 0);">  <br /><div><div style="font-weight: bold;">Expected useful life</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="6" nowrap="nowrap" rowspan="1" 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></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 67.59%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.24%; padding-bottom: 2px;"><div><div style="text-align: center; font-weight: bold;"><br /></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2020</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="2" 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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 67.59%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">DHT China charter</div></td><td valign="bottom" style="vertical-align: bottom; width: 9.24%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-align: center; text-indent: -7.2pt; margin-right: 7.2pt; margin-left: 7.2pt; font-style: italic;">Finite</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>452</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,430</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 67.59%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td valign="bottom" style="vertical-align: bottom; width: 9.24%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">452</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">1,430</div></td></tr></table></div>
6766000
12177000
0
3310000
3305000
3300000
24
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Note 1- General information</div><div><br /></div><div style="color: rgb(0, 0, 0);">DHT Holdings, Inc. (“DHT” or the “Company”) is a company incorporated under the laws of the Marshall Islands whose shares are listed on the New York Stock Exchange. The Company’s principal executive office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda.</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">The Company has 34 material wholly owned subsidiaries, of which 22 are Marshall Island companies, seven are Cayman Islands companies, three are Singapore companies, one is a Monegasque company and one is a Norwegian company. The 22 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><br /></div><div style="color: rgb(0, 0, 0);">Our principal activity is the ownership and operation of a fleet of crude oil carriers. As of December 31, 2020 our fleet consisted of 27 very large crude carriers, or “VLCCs,” which are tankers ranging in size from 200,000 to 320,000 deadweight tons, or “dwt.” Our fleet principally operates on international routes and had a combined carrying capacity of 8,360,850 dwt.</div><div><br /></div><div style="color: rgb(0, 0, 0);">With regards to amounts in the financial statements, these are shown in USD thousands.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic;">Advances for vessel upgrades</div><div><br /></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 style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-style: italic;">Derecognition of financial assets and financial liabilities</div><div><br /></div><div style="color: rgb(0, 0, 0);">The Company derecognizes a financial asset only when the contractual rights to cash flows from the asset expire, or when it transfers the financial asset and substantially all risks and reward of ownership of the asset to another entity.</div><div><br /></div><div style="color: rgb(0, 0, 0);">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 consolidation</div><div><br /></div><div style="color: rgb(0, 0, 0);">The consolidated financial statements comprise the financial statements of the Company and entities controlled by the Company (and its subsidiaries).</div><div><br /></div><div style="color: rgb(0, 0, 0);">Unless otherwise specified, all subsequent references to the “Company” refer to DHT and its subsidiaries. Control is achieved where the Company has power over the investee, is exposed or has the rights to variable returns from its investment with an entity and has the ability to affect those returns through its power over the entity.</div><div><br /></div><div style="color: rgb(0, 0, 0);">The results of subsidiaries acquired or disposed during the year are included in the consolidated financial statements from the effective date of acquisition or up to the effective date of disposal, as appropriate.</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><br /></div><div style="color: rgb(0, 0, 0);">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="color: rgb(0, 0, 0); font-style: italic;">Bunkers</div><div><br /></div><div style="color: rgb(0, 0, 0);">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;">Use of estimates</div><div><br /></div><div style="color: rgb(0, 0, 0);">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><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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></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><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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></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><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: 36pt;"><div><br /></div></td><td style="width: 36pt; vertical-align: top;"><div>•</div></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>Use of judgment</div><div> </div><div style="color: #000000;">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 preparation</div><div><br /></div><div style="color: rgb(0, 0, 0);">The financial statements have been prepared on a historical cost basis, except for derivative financial instruments that have been measured at fair value.</div><div><br /></div><div style="color: rgb(0, 0, 0);">Historical cost is generally based on the fair value of the consideration given in exchange for assets.</div><div><br /></div><div style="color: rgb(0, 0, 0);">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;">Vessels</div><div><br /></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><br /></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><br /></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><br /></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 held for sale</div><div><br /></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 program 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;">Docking and survey expenditure</div><div><br /></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 Program surveys and regulatory requirements.  Costs related to ordinary maintenance performed during drydocking are charged to the income statement as part of vessel operating expenses for the period which they are incurred.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000; font-style: italic;">Impairment</div><div> </div><div style="color: #000000;">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 style="color: #000000;">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="color: rgb(0, 0, 0); font-style: italic;">Pension</div><div><br /></div><div><font style="color: rgb(0, 0, 0);">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 </font>amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit<font style="color: rgb(0, 0, 0);"> liability or asset.</font></div><div><br /></div><div style="color: rgb(0, 0, 0);">The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the Company’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;">Statement of compliance</div><div><br /></div><div style="color: rgb(0, 0, 0);">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="color: #000000; font-style: italic;">Application of new and revised International Financial Reporting Standards (“IFRSs”)</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; color: #000000; font-weight: bold;">(a)</td><td style="width: auto; vertical-align: top;"><div style="color: #000000; font-weight: bold;">New and revised IFRSs, and interpretations mandatory for the first time for the financial year beginning January 1, 2020.</div></td></tr></table><div> </div><div style="color: #000000; font-weight: bold;">Impact of the initial application of Interest Rate Benchmark Reform amendments to IFRS 9 and IFRS 7</div><div> </div><div style="color: #000000;">In September 2019, the IASB issued Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7).</div><div style="color: #000000;">These amendments modify specific hedge accounting requirements to allow hedge accounting to continue for affected hedges during the period of uncertainty before the hedged items or hedging instruments affected by the current interest rate benchmarks are amended as a result of the on-going interest rate benchmark reforms.</div><div><br /></div><div style="color: #000000;">The amendments are not relevant to the Company given that it does not apply hedge accounting to its benchmark interest rate exposures.</div><div> </div><div style="color: #000000; font-weight: bold;">Impact of the initial application of COVID-19-Related Rent Concessions Amendment to IFRS 16</div><div> </div><div style="color: #000000;">In May 2020, the IASB issued COVID-19-Related Rent Concessions (Amendment to IFRS 16) that provides practical relief to lessees in accounting for rent concessions occurring as a direct consequence of COVID-19, by introducing a practical expedient to IFRS 16. The practical expedient permits a lessee to elect not to assess whether a COVID-19-related rent concession is a lease modification. A lessee that makes this election shall account for any change in lease payments resulting from the COVID-19-related rent concession the same way it would account for the change applying IFRS 16 if the change were not a lease modification.</div><div><br /></div><div style="color: #000000;">The practical expedient applies only to rent concessions occurring as a direct consequence of COVID-19 and only if all of the following conditions are met:</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: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right; color: #000000;">a)</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">The change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change;</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; color: #000000;">b)</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">Any reduction in lease payments affects only payments originally due on or before June 30, 2021 (a rent concession meets this condition if it results in reduced lease payments on or before June 30, 2021 and increased lease payments that extend beyond June 30, 2021); and</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; color: #000000;">c)</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">There is no substantive change to other terms and conditions of the lease.</div></td></tr></table><div> </div><div style="color: #000000;">The amendment is not relevant to the Company as it does not have rent concessions occurring as a direct consequence of COVID-19.</div><div> </div><div style="color: #000000; font-weight: bold;">Impact of the initial application of other new and amended IFRS Standards that are effective for the current year</div><div><br /></div><div style="color: #000000;">In the current year, the Company has applied the below amendments to IFRS Standards and Interpretations issued by the IASB that are effective for an annual period that begins on or after January 1, 2020. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.</div><div><br /></div><div style="color: #000000; font-style: italic;">Amendments to References to the Conceptual Framework in IFRS Standards</div><div style="color: #000000;">The Company has adopted the amendments included in Amendments to References to the Conceptual Framework in IFRS Standards for the first time in the current year. The amendments include consequential amendments to affected Standards so that they refer to the new Framework. 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 to (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><br /></div><div><font style="color: #000000;">The Standards which are amended are IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS </font>8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20, IFRIC 22, and SIC-32.</div><div><br /></div><div style="color: #000000; font-style: italic;">Amendments to IFRS 3 Definition of a business</div><div style="color: #000000;">The Company has adopted the amendments to IFRS 3 for the first time in the current year. 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><br /></div><div style="color: #000000;">The amendments remove the assessment of whether market participants are capable of replacing any missing inputs or processes and continuing to produce outputs. The amendments also introduce additional guidance that helps to determine whether a substantive process has been acquired.</div><div><br /></div><div style="color: #000000;">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. The amendments are applied prospectively to all business combinations and asset acquisitions for which the acquisition date is on or after January 1, 2020.</div><div><br /></div><div style="color: #000000; font-style: italic;">Amendments to IAS 1 and IAS 8 Definition of material</div><div style="color: #000000;">The Company has adopted the amendments to IAS 1 and IAS 8 for the first time in the current year. The amendments 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><br /></div><div style="color: #000000;">The threshold for materiality influencing users has been changed from ‘could influence’ to ‘could reasonably be expected to influence’. 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><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: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">(b)</td><td style="width: auto; vertical-align: top;"><div style="color: #000000; font-weight: bold;">New and revised IFRSs that are not mandatorily effective (but allow early application) for the year ending December 31, 2020.</div></td></tr></table><div> </div><div style="color: #000000;">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: 36pt;"><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><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: 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><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: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IAS 1 Classification of Liabilities as Current or Non-current</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: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IFRS 3 Reference to the Conceptual Framework</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: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IAS 16 Property, Plant and Equipment – Proceeds before Intended Use</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: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Amendments to IAS 37 Onerous Contracts – Cost to Fulfilling a Contract</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: 18pt; vertical-align: top; align: right;">o</td><td style="width: auto; vertical-align: top;"><div>Annual Improvements to IFRS Standards 2018-2020 Cycle Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases and IAS 41 Agriculture</div></td></tr></table><div> </div><div style="color: #000000;">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 1<font style="color: #000000;">7 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 Insurance Contracts.</font></div><div> </div><div style="color: #000000;">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 style="color: #000000;">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 style="color: #000000;">In June 2020, the IASB issued Amendments to IFRS 17 to address concerns and implementation challenges that were identified after IFRS 17 was published. The amendments defer the date of initial application of IFRS 17 (incorporating the amendments) to annual reporting periods beginning on or after January 1, 2023. At the same time, the IASB issued Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4) that extends the fixed expiry date of the temporary exemption from applying IFRS 9 in IFRS 4 to annual reporting periods beginning on or after January 1, 2023.</div><div> </div><div style="color: #000000;">IFRS 17 must be applied retrospectively unless impracticable, in which case the modified retrospective approach or the fair value approach is applied.</div><div> </div><div style="color: #000000;">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="color: #000000; font-weight: bold;">Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture</div><div> </div><div style="color: #000000;">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 style="color: #000000;">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 Company’s consolidated financial statements in future periods should such transactions arise.</div><div> </div><div style="color: #000000; font-weight: bold;">Amendments to IAS 1 Classification of Liabilities as Current or Non-current</div><div> </div><div style="color: #000000;">The amendments to IAS 1 affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount or timing of recognition of any asset, liability, income or expense, or the information disclosed about those items.</div><div> </div><div style="color: #000000;">The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services.</div><div> </div><div style="color: #000000;">The amendments are applied retrospectively for annual periods beginning on or after January 1, 2023, with early application permitted.</div><div><br /></div><div style="color: #000000; font-weight: bold;">Amendments to IFRS 3 Reference to the Conceptual Framework</div><div> </div><div style="color: #000000;">The amendments update IFRS 3 so that it refers to the 2018 Conceptual Framework instead of the 1989 Framework. They also add to IFRS 3 a requirement that, for obligations within the scope of IAS 37, an acquirer applies IAS 37 to determine whether at the acquisition date a present obligation exists as a result of past events. For a levy that would be within the scope of IFRIC 21 Levies, the acquirer applies IFRIC 21 to determine whether the obligating event that gives rise to a liability to pay the levy has occurred by the acquisition date.</div><div><br /></div><div style="color: #000000;">Finally, the amendments add an explicit statement that an acquirer does not recognize contingent assets acquired in a business combination.</div><div><br /></div><div style="color: #000000;">The amendments are effective for business combinations for which the date of acquisition is on or after the beginning of the first annual period beginning on or after January 1, 2022. Early application is permitted if an entity also applies all other updated references (published together with the updated Conceptual Framework) at the same time or earlier.</div><div><br /></div><div style="color: #000000; font-weight: bold;">Amendments to IAS 16 Property, Plant and Equipment – Proceeds before Intended Use</div><div><br /></div><div style="color: #000000;">The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before that asset is available for use, i.e., proceeds while bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Consequently, an entity recognizes such sales proceeds and related costs in profit or loss. The entity measures the cost of those items in accordance with IAS 2 Inventories.</div><div><br /></div><div style="color: #000000;">The amendments also clarify the meaning of ‘testing whether an asset is functioning properly’. IAS 16 now specifies this as assessing whether the technical and physical performance of the asset is such that it is capable of being used in the production or supply of goods or services, for rental to others, or for administrative purposes.</div><div><br /></div><div style="color: #000000;">If not presented separately in the statement of comprehensive income, the financial statements shall disclose the amounts of proceeds and cost included in profit or loss that relate to items produced that are not an output of the entity’s ordinary activities, and which line item(s) in the statement of comprehensive income include(s) such proceeds and cost.</div><div><br /></div><div style="color: #000000;">The amendments are applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments.</div><div><br /></div><div style="color: #000000;">The entity shall recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of that earliest period presented.</div><div><br /></div><div style="color: #000000;">The amendments are effective for annual periods beginning on or after January 1, 2022, with early application permitted.</div><div><br /></div><div style="color: #000000; font-weight: bold;">Amendments to IAS 37 Onerous Contracts – Cost of Fulfilling a Contract</div><div><br /></div><div style="color: #000000;">The amendments specify that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract’. Costs that relate directly to a contract consist of both the incremental costs of fulfilling that contract (examples would be direct labor or materials) and an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract).</div><div><br /></div><div style="color: #000000;">The amendments apply to contracts for which the entity has not yet fulfilled all its obligations at the beginning of the annual reporting period in which the entity first applies the amendments. Comparatives are not restated. Instead, the entity shall recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings or other component of equity, as appropriate, at the date of initial application.</div><div><br /></div><div style="color: #000000;">The amendments are effective for annual periods beginning on or after January 1, 2022, with early application permitted.</div><div><br /></div><div style="color: #000000; font-weight: bold;">Annual Improvements to IFRS Standards 2018-2020</div><div><br /></div><div style="color: #000000;">The Annual Improvements include amendments to four Standards:</div><div><br /></div><div style="color: #000000; font-style: italic;">IFRS 1 First-time Adoption of International Financial Reporting Standards</div><div style="color: #000000;">The amendment provides additional relief to a subsidiary which becomes a first-time adopter later than its parent in respect of accounting for cumulative translation differences. As a result of the amendment, a subsidiary that uses the exemption in IFRS 1:D16(a) can now also elect to measure cumulative translation differences for all foreign operations at the carrying amount that would be included in the parent’s consolidated financial statements, based on the parent’s date of transition to IFRS Standards, if no adjustments were made for consolidation procedures and for the effects of the business combination in which the parent acquired the subsidiary. A similar election is available to an associate or joint venture that uses the exemption in IFRS 1:D16(a).</div><div><br /></div><div style="color: #000000;">The amendment is effective for annual periods beginning on or after January 1, 2022, with early application permitted.</div><div><br /></div><div style="color: #000000; font-style: italic;">IFRS 9 Financial Instruments</div><div style="color: #000000;">The amendment clarifies that in applying the ‘10 per cent’ test to assess whether to derecognize a financial liability, an entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other’s behalf.</div><div><br /></div><div style="color: #000000;">The amendment is applied prospectively to modifications and exchanges that occur on or after the date the entity first applies the amendment.</div><div><br /></div><div style="color: #000000;">The amendment is effective for annual periods beginning on or after January 1, 2022, with early application permitted.</div><div><br /></div><div style="color: #000000; font-style: italic;">IFRS 16 Leases</div><div style="color: #000000;">The amendment removes the illustration of the reimbursement of leasehold improvements. As the amendment to IFRS 16 only regards an illustrative example, no effective date is stated.</div><div><br /></div><div style="color: #000000; font-style: italic;">IAS 41 Agriculture</div><div style="color: #000000;">The amendment removes the requirement in IAS 41 for entities to exclude cash flows for taxation when measuring fair value. This aligns the fair value measurement in IAS 41 with the requirements of IFRS 13 Fair Value Measurement to use internally consistent cash flows and discount rates and enables preparers to determine whether to use pretax or post-tax cash flows and discount rates for the most appropriate fair value measurement.</div><div><br /></div><div style="color: #000000;">The amendment is applied prospectively, i.e., for fair value measurements on or after the date an entity initially applies the amendment.</div><div><br /></div><div style="color: #000000;">The amendment is effective for annual periods beginning on or after January 1, 2022, with early application permitted.</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><br /></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;">Classification in the Statement of Financial Position</div><div><br /></div><div style="color: rgb(0, 0, 0);">Current assets and current liabilities include items due less than one year from the reporting date, and items related to the operating cycle, if longer, and those primarily held for trading. The current portion of long-term debt is included as current liabilities. Other assets than those described above are classified as non-current assets.</div><div><br /></div><div style="color: rgb(0, 0, 0);">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-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; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"><tr><td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Name of associate</div></div></td><td colspan="1" style="width: 1.97%; vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Principal activities</div></div></td><td colspan="1" style="width: 1.97%; vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">Place of incorporation and business</div></div></td><td colspan="1" style="width: 2%; vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="3" 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></tr><tr><td style="width: 32%; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="width: 1.97%; vertical-align: bottom; padding-bottom: 2px;"> </td><td style="width: 20%; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="width: 1.97%; vertical-align: bottom; padding-bottom: 2px;"> </td><td style="width: 20%; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="width: 2%; vertical-align: bottom; padding-bottom: 2px;"> </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;">2020</div></div></td><td style="width: 2%; vertical-align: bottom; padding-bottom: 2px;"> </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;">2019</div></div></td></tr><tr><td style="width: 32%; vertical-align: bottom; 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" style="width: 1.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Ship management</div></td><td colspan="1" style="width: 1.97%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"> </td><td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Singapore</div></td><td colspan="1" style="width: 2%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"> </td><td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">50%</div></td><td style="width: 2%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"> </td><td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">50%</div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000;">The following summarizes the share of profit of the associate that is accounted for using the equity method:</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" 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" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Company’s share of</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2020</div></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2019</div></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76.74%; background-color: rgb(204, 238, 255);"><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: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,193</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>852</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76.74%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">- Other comprehensive income for the year, net of tax</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>104</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>44</div></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76.74%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">- Total comprehensive income for the year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>1,297</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>896</div></div></td></tr></table></div>
6426000
150000000
124999000
125000000
80300000
73000000
6.2599
5.3470
8.125
26434000
1000
1000
1000
1000
4389858
23377397
44700000
6.0216
123.0769
187.0208
159.7470
167
145500000
38900000
1
Ship management
1039000
4151000
1633000
17269000
11652000
11854000
34085000
0
0
0
-420000
-612000
-539000
-164000
-13000
2000
6
22
9
22
4
10
4
67356000
68641000
5
18
5
5
1
27
18
9
5
27
27
22
22
5
P60M
P30M
1
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Note 7 - Accounts payable and accrued expenses</div><div> </div><div style="color: #000000;">Accounts payable and accrued expenses consist of the following:</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: middle; 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" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2020</div></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" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; 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: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>2,811</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>7,913</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accrued interest</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>719</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>3,462</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; 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: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,593</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>8,865</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%;"><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: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>4,176</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,976</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; 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: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>9,204</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>782</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; padding-bottom: 2px;"><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: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div><font style="font-weight: bold;">18,503</font></div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div><font style="font-weight: bold;">23,998</font></div></div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><div style="text-indent: -18pt; margin-left: 18pt;">*Other includes accrued operating expenses and accrued capital expenditures in 2020 and accrued operating expenses in 2019.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000;">Accounts payable and accrued expenses consist of the following:</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: middle; 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" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2020</div></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" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2019</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; 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: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>2,811</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>7,913</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accrued interest</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>719</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>3,462</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; 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: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,593</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>8,865</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%;"><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: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>4,176</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,976</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; 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: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>9,204</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>782</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76.74%; padding-bottom: 2px;"><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: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div><font style="font-weight: bold;">18,503</font></div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div><font style="font-weight: bold;">$</font></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div><font style="font-weight: bold;">23,998</font></div></div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><div style="text-indent: -18pt; margin-left: 18pt;">*Other includes accrued operating expenses and accrued capital expenditures in 2020 and accrued operating expenses in 2019.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000; font-weight: bold;">Derivatives - interest rate swaps</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 43.44%;"> </td><td nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">Expires</div></td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="6" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Notional amount</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="6" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Fair value</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 43.44%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.08%; padding-bottom: 2px;"><div style="font-weight: bold;"><br /></div></td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 0.97%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Apr. 20, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>42,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>44,400</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>2,541</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,748</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 3.012%, receive floating</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"><div style="text-align: right;">Apr. 20, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>42,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>44,400</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,564</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>1,780</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>30,743</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>33,310</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>2,131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,425</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 3.019%, receive floating</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>29,829</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>32,396</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,060</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>1,380</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Sep. 29, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>46,260</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>48,830</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>3,147</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,976</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 2.8785%, receive floating</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"><div style="text-align: right;">Jun. 30, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>40,673</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>43,240</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,513</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>1,681</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>45,618</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>48,188</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>3,139</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,961</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 2.897%, receive floating</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"><div style="text-align: right;">Sept. 30, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>40,851</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>43,419</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,792</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>1,789</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Swap pays 3.020%, receive floating</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-align: right;">Sept. 29, 2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>39,167</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>41,734</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>2,786</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,859</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 43.44%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total carrying amount</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; padding-bottom: 2px; text-align: right;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">357,141</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">379,916</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">23,673</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">15,600</div></td></tr></table></div>
1593000
8865000
440000
619998
465000
3615221
2303011
3155503
P18M
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Note 16 - Condensed Financial Information of DHT Holdings, Inc. (parent company only)</div><div> </div><div style="color: #000000;">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.).</div><div> </div><div style="color: #000000;">The restricted net assets of consolidated subsidiaries exceeded 25% of the consolidated net assets of the parent company as of December 31, 2020, 2019 and 2018. The restricted assets mainly relate to assets restricted by covenants in our secured credit agreements entered into by the Company’s vessel-owning subsidiaries.</div><div> </div><div style="font-weight: bold;">FINANCIAL POSITION</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" 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" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"> </td><td colspan="1" nowrap="nowrap" 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" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">ASSETS</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </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></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">December 31,</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Current assets</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 2px;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" 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;">2019</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Cash and cash equivalents</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">5,310</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts receivable and prepaid expenses</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div>1,679</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div>874</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">84,725</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total current assets</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">91,713</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">86,188</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Investments in subsidiaries</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">434,172</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">468,817</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Loan to subsidiaries</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">324,420</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Investment in associate company</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total non-current assets</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">758,793</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">995,593</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total assets</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" 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; font-weight: bold;">850,506</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><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%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">LIABILITIES AND STOCKHOLDERS' EQUITY</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Current liabilities</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts payable and accrued expenses</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" 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" nowrap="nowrap" 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>170</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>2,416</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total current liabilities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">170</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">2,416</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Non-current liabilities</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Long-term debt</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" 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">116,568</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total non-current liabilities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total liabilities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">170</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">118,984</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Stockholders' equity</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Stock</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">1,708</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">1,468</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Paid-in additional capital</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">1,245,449</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">1,121,047</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">(396,820</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total stockholders' equity</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">850,336</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">962,796</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">850,506</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr></table><div><br /></div><div style="font-weight: bold;">INCOME STATEMENT</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 colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2018</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Impairment charge</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(35,278</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">455</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Dividend income</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">17,081</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">25,519</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">9,909</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); font-family: &quot;">General and administrative expense</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" 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; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(19,148</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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); 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" 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; text-align: right; width: 8%; 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Operating income/(loss)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(37,345</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">11,192</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(97,279</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Interest income</div></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%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">21,434</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">27,943</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">24,893</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Interest expense</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(6,766</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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(12,177</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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(10,341</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Other financial income/(expenses)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">245</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">(22,433</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="font-weight: bold;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" 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); 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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></tr></table><div><br /></div><div style="font-weight: bold;">Statement of Comprehensive Income</div><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 colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2018</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); 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; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(22,433</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">(22,433</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000; font-weight: bold;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">(86,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Attributable to the owners</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" 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; font-weight: bold;">(22,433</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; font-weight: bold;">)</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 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%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">)</div></td></tr></table><div><br /></div><div style="color: #000000;">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.</div><div> </div><div style="color: rgb(0, 0, 0); font-weight: bold;">CASH FLOW</div><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 colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2018</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"> </td><td colspan="1" nowrap="nowrap" 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" 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" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><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" nowrap="nowrap" 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" 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" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Profit/(loss) for the year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(22,433</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><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" 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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">3,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Impairment charge</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">35,278</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(455</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">93,452</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Compensation related to options and restricted stock</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">4,204</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">663</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">(Gain)/loss purchase convertible bond</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">3,589</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts receivable and prepaid expenses</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(805</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">(125</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts payable and accrued expenses</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(2,246</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(43,313</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net cash used in operating activities</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(26,063</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(32,425</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(53,917</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Loan to subsidiaries</div></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%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">223,550</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">75,500</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">58,990</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net cash provided by investing activities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">223,550</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">75,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">37,727</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><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" 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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Cash dividends paid</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(214,669</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Purchase of treasury shares</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(3,248</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">(5,026</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Issuance of convertible bonds</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Repayment of convertible bonds</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(6,426</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" 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;">(214,669</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(38,366</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">22,432</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);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Net (decrease)increase in cash and cash equivalents</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(17,182</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">4,709</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">6,242</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">22,492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" 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;">5,310</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">22,492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><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); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr></table><div><br /></div><div style="color: #000000;">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.</div><div> </div><div style="color: #000000;">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:</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 colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 65%;">  <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2018</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"> </td><td colspan="1" nowrap="nowrap" 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" 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" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(22,433</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">288,653</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Profit/(loss) of the parent company only under equity method of accounting</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">266,221</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">73,944</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(47,128</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></tr></table><div><br /></div><div style="font-weight: bold;">Equity Reconciliation</div><div><br /></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 colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 77%;">  <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">December 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">December 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2019</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77%;"> </td><td colspan="1" nowrap="nowrap" 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" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77%; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">850,336</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">358,384</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">1,208,720</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">1,032,527</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></tr></table><div><br /></div><div style="color: #000000;">Dividends from subsidiaries are recognized when they are authorized. During the year ended December 31, 2020, the parent company recorded dividend income from its subsidiaries of $15,000 thousand. 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.</div><div> </div><div style="color: #000000;">During the year ended December 31, 2020, 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.</div></div>
75800000
78327000
82188000
161891000
140564000
187500000
50000000
57300000
1300000
1800000
266221000
-47128000
73944000
46969000
288653000
39014000
-22433000
-86143000
26975000
<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 colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 65%;">  <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2018</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"> </td><td colspan="1" nowrap="nowrap" 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" 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" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(22,433</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">288,653</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Profit/(loss) of the parent company only under equity method of accounting</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">266,221</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" 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;">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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(47,128</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></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-weight: bold;">CASH FLOW</div><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 colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2018</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"> </td><td colspan="1" nowrap="nowrap" 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" 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" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><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" nowrap="nowrap" 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" 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" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Profit/(loss) for the year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(22,433</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><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" 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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">3,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Impairment charge</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">35,278</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(455</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">93,452</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Compensation related to options and restricted stock</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">4,204</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">663</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">(Gain)/loss purchase convertible bond</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">3,589</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts receivable and prepaid expenses</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(805</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">(125</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts payable and accrued expenses</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(2,246</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(43,313</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net cash used in operating activities</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(26,063</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" 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;">(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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(53,917</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Loan to subsidiaries</div></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%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">223,550</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">75,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">58,990</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net cash provided by investing activities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">223,550</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">75,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">37,727</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><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" 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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Cash dividends paid</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(214,669</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(28,685</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Purchase of treasury shares</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(3,248</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">(5,026</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Issuance of convertible bonds</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Repayment of convertible bonds</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(6,426</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(214,669</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" 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;">(38,366</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">22,432</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);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Net (decrease)increase in cash and cash equivalents</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(17,182</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">4,709</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">6,242</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">22,492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">5,310</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" 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;">22,492</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><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); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Statement of Comprehensive Income</div><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 colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2018</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); 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; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(22,433</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">(22,433</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000; font-weight: bold;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">(86,143</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Attributable to the owners</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" 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; font-weight: bold;">(22,433</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; font-weight: bold;">)</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 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%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">)</div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Equity Reconciliation</div><div><br /></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 colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 77%;">  <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">December 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">December 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2019</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77%;"> </td><td colspan="1" nowrap="nowrap" 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" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77%; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">850,336</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">358,384</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">1,208,720</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">1,032,527</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></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">FINANCIAL POSITION</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" 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" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"> </td><td colspan="1" nowrap="nowrap" 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" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">ASSETS</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </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></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">December 31,</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Current assets</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 2px;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" 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;">2019</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Cash and cash equivalents</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">5,310</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts receivable and prepaid expenses</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div>1,679</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div>874</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">84,725</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total current assets</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">91,713</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">86,188</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Investments in subsidiaries</div></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%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">434,172</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">468,817</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Loan to subsidiaries</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">324,420</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Investment in associate company</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total non-current assets</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">758,793</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">995,593</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total assets</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">850,506</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><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%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">LIABILITIES AND STOCKHOLDERS' EQUITY</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Current liabilities</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts payable and accrued expenses</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" 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>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>170</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>2,416</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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total current liabilities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">170</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">2,416</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Non-current liabilities</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Long-term debt</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" 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;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 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(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total non-current liabilities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total liabilities</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">170</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">118,984</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Stockholders' equity</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Stock</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">1,708</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">1,468</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Paid-in additional capital</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">1,245,449</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">1,121,047</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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;">(396,820</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total stockholders' equity</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">850,336</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">962,796</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">850,506</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><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%; border-bottom: 2px solid rgb(0, 0, 0);"> </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 border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-weight: bold;">Jan. 1 - Dec. 31,</div><div style="color: rgb(0, 0, 0); font-weight: bold;">2018</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Impairment charge</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(35,278</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Dividend income</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">17,081</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">25,519</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">9,909</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); font-family: &quot;">General and administrative expense</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" 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; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(19,148</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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); 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" 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; text-align: right; width: 8%; 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Operating income/(loss)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(37,345</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">11,192</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(97,279</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Interest income</div></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%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">21,434</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">27,943</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">24,893</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Interest expense</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(6,766</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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(12,177</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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(10,341</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Other financial income/(expenses)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">245</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </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);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" 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;">(22,433</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="font-weight: bold;">)</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" nowrap="nowrap" 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;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">26,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Note 4 — Charter arrangements</div><div> </div><div style="color: #000000;">The below table details the Company’s shipping revenues:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); 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" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2020</div></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" 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="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" 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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64.67%; 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: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>182,663</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>57,472</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>64,462</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64.67%; padding-bottom: 2px;"><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: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>508,375</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>477,595</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>311,480</div></td></tr><tr><td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 64.67%; padding-bottom: 2px;"><div style="font-weight: bold;">Shipping revenues</div></td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">691,039</div></td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; white-space: nowrap; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">535,068</div></td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; white-space: nowrap; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">375,941</div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><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; vertical-align: top; align: right;">*</td><td style="width: auto; vertical-align: top;"><div>2020 and 2019 time charter revenue is presented in accordance with IFRS 16 <font style="font-style: italic;">Leases, </font>while the portion of time charter revenue related to technical management services, equaling $33,224 thousand and $14,826 thousand, respectively, is presented in accordance with IFRS 15 <font style="font-style: italic;">Revenue from Contracts with Customers.</font></div></td></tr></table><div> </div><div style="color: #000000;">The following summarizes the Company’s vessel employment as of December 31, 2020</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: 32.66%; vertical-align: top; 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: 2.03%; vertical-align: top; text-align: center; padding-bottom: 2px;"> </td><td style="width: 31.6%; vertical-align: top; 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: 2.03%; vertical-align: top; text-align: center; padding-bottom: 2px;"> </td><td style="width: 31.6%; vertical-align: top; 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: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">VLCC</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Amazon</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"><div>Q3 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Bauhinia</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Bronco</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"> </td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT China</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q2 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Colt</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"><div>Q3 2022</div></td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Condor</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Edelweiss</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Europe</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Falcon</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"> </td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Hawk</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Jaguar</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"> </td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Lake</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Leopard</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"> </td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Lion</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Lotus</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"> </td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Mustang</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q2 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Opal</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"><div>Q3 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Panther</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Peony</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Puma</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Raven</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Redwood</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Scandinavia</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"> </td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Stallion</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q2 2022</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Sundarbans</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"><div>Q4 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Taiga</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q4 2022</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Tiger</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"> </td></tr></table><div><br /></div><div style="font-weight: bold;">Future charter payments:</div><div> </div><div style="color: #000000;">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: 81.22%; padding-bottom: 2px;"><div><div style="font-style: italic;">(Dollars in thousands)</div><div style="font-weight: bold;"><u>Year</u></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.76%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">Amount</div></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 81.22%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">2021</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.76%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.89%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15.27%; background-color: rgb(204, 238, 255);"><div>99,264</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 81.22%;"><div style="color: #000000;">2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.76%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.89%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15.27%;"><div>23,049</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 81.22%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">2023</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.76%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.89%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15.27%; background-color: rgb(204, 238, 255);"><div>—</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 81.22%;"><div style="color: #000000;">2024</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.76%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.89%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15.27%;"><div>—</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 81.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div>Thereafter</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.89%; 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: 15.27%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>—</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 81.22%; padding-bottom: 2px;"><div style="color: #000000; font-weight: bold;">Net charter payments</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.76%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.89%; border-bottom: 2px solid rgb(0, 0, 0);"><div><font style="font-weight: bold;">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15.27%; border-bottom: 2px solid rgb(0, 0, 0);"><div><font style="font-weight: bold;">122,313</font></div></td></tr></table><div><br /></div><div style="color: #000000;">Any extension periods, unless already exercised as of December 31, 2020, 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="color: #000000; font-weight: bold;">Contract balances:</div><div> </div><div style="color: #000000;">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: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td style="width: 43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" style="width: 2%; vertical-align: bottom; padding-bottom: 2px;"> </td><td style="width: 15%; 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: 43%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Accounts receivable and accrued revenues<br /></div></td><td colspan="1" style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;"><div>notes 8,9</div></td></tr></table><div><br /></div><div>Voyage expenses are <font style="color: #000000;">capitalized</font> 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> </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" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2020</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" valign="bottom" style="vertical-align: top; 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" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64.67%; background-color: rgb(204, 238, 255);"><div>Capitalized voyage expense</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,039</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>4,151</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,633</div></td></tr></table><div><br /></div><div style="color: #000000;">During the twelve months of 2020, $4,151 thousand was amortized related to voyages in progress as of December 31, 2019, and $397 thousand was amortized related to the voyages in progress as of December 31, 2020. No impairment losses were recognized in the period. During the twelve months of 2019, $1,633 thousand was amortized related to voyages in progress as of December 31, 2018, and $4,440 thousand was amortized related to the voyages in progress as of December 31, 2019. No impairment losses were recognized in the period. During the twelve months of 2018, $1,515 thousand was amortized and no impairment losses were recognized in the period.</div><div> </div><div style="color: #000000; font-weight: bold;">Deferred Shipping Revenues:</div><div> </div><div style="color: #000000;">Deferred shipping revenues relates to charter hire payment paid in advance. As of December 31, 2020, $16,236 thousand was recognized as deferred shipping revenues in the consolidated statement of financial position while $930 thousand was recognized as deferred shipping revenues as of December 31, 2019.</div><div> </div><div style="font-weight: bold;">Concentration of risk:</div><div> </div><div style="color: #000000;">As of December 31, 2020, 18 of the Company’s 27 vessels were chartered to 10 different counterparties and nine vessels were operated in the spot market.</div><div> </div><div style="color: #000000;">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.</div><div> </div><div style="color: #000000;">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.</div><div> </div><div style="color: #000000;">The Company believes that the concentration of risk is limited and can be adequately monitored.</div></div>
Spot
Spot
Time charter
Time charter
Time charter
Time charter
Spot
Spot
Time charter
Time charter
Time charter
Spot
Time charter
Spot
Time charter with profit sharing
Time charter with profit sharing
Time charter
Time charter
Spot
Time charter
Time charter
Time charter
Spot
Spot
Time charter with profit sharing
Time charter
Time charter with profit sharing
Q2 2022
Q3 2021
Q1 2021
Q2 2021
Q1 2021
Q4 2022
Q1 2021
Q1 2021
Q2 2021
Q1 2021
Q3 2022
Q1 2021
Q3 2021
Q1 2021
Q1 2021
Q4 2021
Q1 2021
Q1 2021
122313000
0
0
23049000
0
99264000
930000
16236000
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000;">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: 81.22%; padding-bottom: 2px;"><div><div style="font-style: italic;">(Dollars in thousands)</div><div style="font-weight: bold;"><u>Year</u></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.76%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">Amount</div></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 81.22%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">2021</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.76%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.89%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15.27%; background-color: rgb(204, 238, 255);"><div>99,264</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 81.22%;"><div style="color: #000000;">2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.76%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.89%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15.27%;"><div>23,049</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 81.22%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">2023</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.76%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.89%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15.27%; background-color: rgb(204, 238, 255);"><div>—</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 81.22%;"><div style="color: #000000;">2024</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.76%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.89%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15.27%;"><div>—</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 81.22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div>Thereafter</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.89%; 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: 15.27%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>—</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 81.22%; padding-bottom: 2px;"><div style="color: #000000; font-weight: bold;">Net charter payments</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.76%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.89%; border-bottom: 2px solid rgb(0, 0, 0);"><div><font style="font-weight: bold;">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15.27%; border-bottom: 2px solid rgb(0, 0, 0);"><div><font style="font-weight: bold;">122,313</font></div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000;">The below table details the Company’s shipping revenues:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); 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" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: center; font-weight: bold;">2020</div></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" 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="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" 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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64.67%; 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: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>182,663</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>57,472</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>64,462</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64.67%; padding-bottom: 2px;"><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: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>508,375</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>477,595</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>311,480</div></td></tr><tr><td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 64.67%; padding-bottom: 2px;"><div style="font-weight: bold;">Shipping revenues</div></td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">691,039</div></td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; white-space: nowrap; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">535,068</div></td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; white-space: nowrap; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">375,941</div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><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; vertical-align: top; align: right;">*</td><td style="width: auto; vertical-align: top;"><div>2020 and 2019 time charter revenue is presented in accordance with IFRS 16 <font style="font-style: italic;">Leases, </font>while the portion of time charter revenue related to technical management services, equaling $33,224 thousand and $14,826 thousand, respectively, is presented in accordance with IFRS 15 <font style="font-style: italic;">Revenue from Contracts with Customers.</font></div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000;">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: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td style="width: 43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" style="width: 2%; vertical-align: bottom; padding-bottom: 2px;"> </td><td style="width: 15%; 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: 43%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Accounts receivable and accrued revenues<br /></div></td><td colspan="1" style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;"><div>notes 8,9</div></td></tr></table><div><br /></div><div>Voyage expenses are <font style="color: #000000;">capitalized</font> 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> </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" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2020</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" valign="bottom" style="vertical-align: top; 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" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div><div style="text-align: center; font-weight: bold;">2018</div></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64.67%; background-color: rgb(204, 238, 255);"><div>Capitalized voyage expense</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,039</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>4,151</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>1,633</div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000;">The following summarizes the Company’s vessel employment as of December 31, 2020</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: 32.66%; vertical-align: top; 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: 2.03%; vertical-align: top; text-align: center; padding-bottom: 2px;"> </td><td style="width: 31.6%; vertical-align: top; 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: 2.03%; vertical-align: top; text-align: center; padding-bottom: 2px;"> </td><td style="width: 31.6%; vertical-align: top; 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: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">VLCC</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Amazon</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"><div>Q3 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Bauhinia</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Bronco</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"> </td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT China</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q2 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Colt</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"><div>Q3 2022</div></td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Condor</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Edelweiss</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Europe</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Falcon</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"> </td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Hawk</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Jaguar</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"> </td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Lake</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Leopard</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"> </td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Lion</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Lotus</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"> </td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Mustang</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q2 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Opal</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"><div>Q3 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Panther</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"> </td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Peony</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Puma</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Raven</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Redwood</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q1 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Scandinavia</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"> </td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Stallion</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q2 2022</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Sundarbans</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"><div>Q4 2021</div></td></tr><tr><td style="width: 32.66%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>DHT Taiga</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Time charter with profit sharing</div></td><td colspan="1" style="width: 2.03%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center; background-color: rgb(204, 238, 255);"><div>Q4 2022</div></td></tr><tr><td style="width: 32.66%; vertical-align: top;"><div>DHT Tiger</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: top;"><div>Spot</div></td><td colspan="1" style="width: 2.03%; vertical-align: top;"> </td><td style="width: 31.6%; vertical-align: bottom; text-align: center;"> </td></tr></table></div>
7
22
8360850
1
22
7
1
3
34
27
200000
320000
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Specification of income tax:</div><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 nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2018</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Income tax payable</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>587</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>111</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>74</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Tax expenses related to previous year</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>309</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>32</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>1</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Change in deferred tax</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>5</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div>8</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total income tax expense</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; font-weight: bold;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">900</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">83</div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Reconciliation of effective tax rate:</div><div><br /></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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 65%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: center; 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;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: center; 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="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; width: 1%;"> </td><td colspan="3" nowrap="nowrap" rowspan="1" 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Profit/(loss) before income tax</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>267,181</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>73,812</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>(46,845</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%;"><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" 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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 16.2pt;">Income in subsidiary, subject to income tax</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>900</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>83</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 65%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total income tax expense</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; font-weight: bold;"> </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);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" 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;">900</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold; padding-bottom: 2px;"> </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);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">131</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">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></tr></table></div>
0.02897
0.02885
0.02987
0.028665
0.03019
0.028785
0.03020
0.03012
0.03019
2023-09-29
2023-09-29
2023-04-20
2023-09-29
2023-09-29
2023-09-29
2023-09-30
2023-06-30
2023-04-20
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Stock Compensation Expense</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 nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2018</div></td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>4,792</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>2,532</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>2,458</div></td></tr></table></div>
<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: middle; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2020</div></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2018</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Directors and Executives as a group*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">2,303,011</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>3,615,221</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">3,155,503</div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><div style="text-indent: -18pt; margin-left: 18pt;">*Includes 619,998 (2019: 440,000, 2018: 465,000) shares of restricted stock subject to vesting conditions.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>Remuneration of Directors and Executives as a group:</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: middle; 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" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2020</div></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div><div style="font-weight: bold;">2018</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash compensation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>3,897</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>3,518</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>3,989</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64.67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Pension cost</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>33</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>36</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>202</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64.67%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Share compensation*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>4,364</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>2,003</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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: 9.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div><div>2,250</div></div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64.67%; padding-bottom: 2px;"><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: 0.97%; padding-bottom: 2px; font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;"><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;"><div>8,293</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;"><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;"><div>5,556</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px; font-weight: bold;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;"><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;"><div>6,441</div></div></td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><div style="text-indent: -18pt; margin-left: 18pt;">* Share compensation reflects the expense recognized.</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">General and Administrative Expenses:</div><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 nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2018</div></td></tr><tr><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total Compensation to Employees and Directors</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>14,163</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>10,331</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>11,289</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Office and Administrative Expenses</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,413</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,633</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>2,449</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,313</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; 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: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>1,314</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64.67%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total General and Administrative Expenses</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">17,890</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">14,789</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; 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; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">15,052</div></td></tr></table></div>
9
-488000
-2152000
-1805000
2
2
11
50000000
120000
253334
153066
200000
200000
119900
53333
120000
153067
153333
120000
119900
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Note 10 - Stockholders’ equity and dividend payment</div><div> </div><div style="font-weight: bold;">Stockholders’ equity:</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76.66%;"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold; text-align: center;">Common stock</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 0.97%;"> </td><td colspan="2" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold; text-align: center;">Preferred stock</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Issued at December 31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>142,700,046</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Restricted stock issued</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>790,571</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Conversion of convertible bonds</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>4,390,025</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Retirement of treasury shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>(1,061,241</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"><div>)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Issued at December 31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>146,819,401</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Restricted stock issued</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>601,530</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Conversion of convertible bonds</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>23,377,397</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%; background-color: rgb(204, 238, 255);"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Issued at December 31, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%;"><div>170,798,328</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Par value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; background-color: rgb(204, 238, 255);"><div>0.01</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%; background-color: rgb(204, 238, 255);">$<br /></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">0.01</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 76.66%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Number of shares authorized for issue at December 31, 2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: right; vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>250,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 0.97%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.13%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 9.08%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr></table><div><br /></div><div style="font-style: italic;">Common stock</div><div> </div><div style="color: #000000;">Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.</div><div> </div><div style="font-style: italic;">Convertible Notes Offering</div><div> </div><div style="color: #000000;">Please see note 9 for information on the convertible senior notes.</div><div> </div><div style="font-style: italic;">Preferred stock:</div><div> </div><div style="color: #000000;">Terms and rights of preferred shares will be established by the board when or if such shares would be issued.</div><div> </div><div style="font-weight: bold;">Dividend payment:</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77.5%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">Dividend payment as of December 31, 2020:</div></td><td nowrap="nowrap" style="vertical-align: bottom; width: 10.08%; text-align: center;"> </td><td colspan="1" style="vertical-align: bottom; width: 1.08%; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">Per share</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 77.5%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Payment date:</div></td><td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 10.08%; text-align: center;"><div style="font-weight: bold;">Total payment</div></td><td colspan="1" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1.08%; text-align: center;"> </td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Common</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77.5%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">February 25, 2020</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">$ 47.0 million</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>0.32</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77.5%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">May 26, 2020</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 10.08%;"><div style="text-align: right;">$ 51.5 million</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%;"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>0.35</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77.5%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">September 2, 2020</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">$ 82.0 million</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>0.48</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77.5%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">November 25, 2020</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right;">$ 34.2 million</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div>0.20</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 77.5%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total payment as of December 31, 2020:</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 10.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold; text-align: right;">$ 214.7 million</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1.35</div></td></tr></table><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 90%;"><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 77.5%;"><div style="font-style: italic;">Dividend payment as of December 31, 2019:</div></td><td nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 10.08%; text-align: center;"> </td><td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.08%; text-align: center;"> </td><td colspan="2" rowspan="1" style="vertical-align: bottom; text-align: center; font-weight: bold;">Per share <br /></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 77.5%; padding-bottom: 2px;"><div><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Payment date:</div></div></td><td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 10.08%; text-align: center;"><div><div style="font-weight: bold;">Total payment</div></div></td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.08%; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Common </div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">February 26, 2019</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">$ 7.1 million</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>0.05</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">May 28, 2019</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%;"><div style="text-align: right;">$ 11.4 million</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>0.08</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">August 29, 2019</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; background-color: rgb(204, 238, 255);"><div style="text-align: right;">$ 2.8 million</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>0.02</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">November 14, 2019</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div style="text-align: right;">$ 7.3 million</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>0.05</div></div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total payment as of December 31, 2019:</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;"><div style="text-align: right;">$ 28.7 million</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>0.20</div></div></td></tr></table><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 90%;"><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 77.5%;"><div style="font-style: italic;">Dividend payment as of December 31, 2018:</div></td><td nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 10.08%; font-weight: bold; text-align: center;"> </td><td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.08%; text-align: center;"> </td><td colspan="2" rowspan="1" style="vertical-align: bottom; text-align: center; font-weight: bold;">Per share <br /></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 77.5%; padding-bottom: 2px;"><div><div style="font-weight: bold;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Payment date:</div></div></div></td><td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 10.08%; font-weight: bold; text-align: center;"> Total payment</td><td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.08%; text-align: center;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Common </div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">February 28, 2018</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;">$ 2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>0.02</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">May 30, 2018</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; text-align: right;">$ 2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%;"><div>0.02</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">August 31, 2018</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; background-color: rgb(204, 238, 255); text-align: right;">$ 2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; background-color: rgb(204, 238, 255);"><div>0.02</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">November 23, 2018</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">$ 2.9 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0);"><div><div>0.02</div></div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 77.5%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total payment as of December 31, 2018:</div></td><td valign="bottom" style="vertical-align: top; width: 10.08%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right; font-weight: bold;">$ 11.5 million</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); font-weight: bold; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>$</div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.08%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><div>0.08</div></div></td></tr></table><div><br /></div><div style="color: #000000;">On February 25, 2021, DHT paid a dividend of $0.05 per common share to shareholders of record as of February 18, 2021, resulting in a total dividend payment of $8.6 million.</div></div>
50000000
2021-02-08
2021-02-25
2021-02-25
579100
0.05
2021-02-18
153067
2
15000000
8600000
2021-02-18
1
790571
601530
9500000
15000000
25007000
962796000
850336000
358384000
69731000
1032527000
1208720000
526574000
324420000
874000
1679000
-75500000
-223550000
-58990000
0
21263000
0
3589000
0
0
72365000
43313000
63280000
-125000
-805000
-500000
0.25
0.25
0.25
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">Change in gross pension obligation:</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Gross obligation January 1</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">1,439</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">2,090</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">1,708</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 45%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Current service cost</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">289</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><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);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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);"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest charge on pension liabilities</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">31</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">54</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">42</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 45%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Past service cost - curtailment/plan amendment</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Settlement (gain)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Social security expenses</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(37</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><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><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);"><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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><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);"><div style="color: #000000;">)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Remeasurements loss/(gain)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">73</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(1,055</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></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="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div style="color: #000000;">119</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exchange rate differences</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" 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" nowrap="nowrap" 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;">71</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" 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); 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" 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; text-align: right; width: 8%; 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></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Gross pension obligation December 31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">1,866</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">1,439</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold;">2,090</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000; font-weight: bold;">Calculation of this year’s pension costs:</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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 45%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: normal; font-style: italic;">(Dollars in thousands)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 2px;"> </td><td colspan="3" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2018</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 45%; 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="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>293</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>406</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: 8%; background-color: rgb(204, 238, 255);"><div>403</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: top; width: 45%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Financial costs</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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>9</div></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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>14</div></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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>10</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 45%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Pension costs 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%; 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;">302</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%; 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;">420</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%; 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: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">413</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></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">The Company expects to contribute $234 thousand to its defined benefit pension plan in 2021.</div><div><br /></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: top; width: 55%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Assumptions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 2px;"> </td><td colspan="3" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2018</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 55%; 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="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>1.70</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);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>2.30</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);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>2.60</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: top; width: 55%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Yield on pension assets</div></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="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div>1.70</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>%</div></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="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div>2.30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>%</div></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="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div>2.60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>%</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 55%; 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="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>2.25</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);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>2.25</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);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>2.75</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: top; width: 55%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">G regulation*</div></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="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div>2.00</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>%</div></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="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div>2.00</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>%</div></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="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;"><div>2.50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div>%</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 55%; 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="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>0.00</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);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>0.50</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);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);"><div>0.80</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: top; width: 55%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Average remaining service period</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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>19</div></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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div>19</div></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%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);"><div>18</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr></table><div><br /></div><hr align="left" noshade="noshade" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" /><div>*Increase of social security base amount (“G”) as per Norwegian regulations.</div></div>
Additions in 2019 relates to adjustments to capitalized expenses in 2018.
Other reserves are related to share-based payments.
Cash and cash equivalents include $299 thousand in restricted cash in 2020 and $221 thousand in 2019, including employee withholding tax.
Amortized cost.
Fair value through profit or loss.
Deferred tax liability is related to the subsidiary in Singapore and can not be off-set with the deferred tax asset related to the subsidiary in Norway.
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.
Due to materiality, not recognized on a separate line in the statements of financial position.
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.
The reconciliation does not include interest rate swaps, which are described in note 8.
Other changes for 2020 and 2019 represents new, modified office leases and foreign exchange effects during the year related to IFRS 16 Leases.
Share compensation reflects the expense recognized.
The opening balance as at January 1, 2019 includes the initial recognition of the lease liability of $1.5 million resulting from the adoption of the IFRS 16 Leases standard.
DHT Eagle was sold in November 2017 and was delivered to the buyer in December 2017.
DHT Phoenix was sold and delivered to new owners in June 2017.
DHT Sophie and DHT Cathy were sold to one buyer in October 2018. Both vessels were delivered to the buyer during fourth quarter 2018.
Does not include shares in lieu of dividends
Other includes accrued operating expenses and accrued capital expenditures in 2020 and accrued operating expenses in 2019.
2020 and 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 $33,224 thousand and $14,826 thousand, respectively, 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.
Increase of social security base amount ("G") as per Norwegian regulations.
Includes 619,998 (2019: 440,000, 2018: 465,000) shares of restricted stock subject to vesting conditions.