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    <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;1. Description of Business&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On August 14, 2008, Global Ship Lease,
Inc. (the &amp;#8220;Company&amp;#8221;) merged indirectly with Marathon Acquisition Corp. (&amp;#8220;Marathon&amp;#8221;), a company then listed
on The American Stock Exchange. Under the merger agreement, Marathon, a U.S. corporation, first merged with its wholly owned Marshall
Islands subsidiary, GSL Holdings, Inc. (&amp;#8220;Holdings&amp;#8221;), with Holdings continuing as the surviving company. Global Ship
Lease, Inc., at that time a subsidiary of CMA CGM S.A. (&amp;#8220;CMA CGM&amp;#8221;), then merged with Holdings, with Holdings again
being the surviving company. Holdings was renamed Global Ship Lease, Inc. and became listed on the New York Stock Exchange on August
15, 2008 (the &amp;#8220;Marathon Merger&amp;#8221;).&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On November 15, 2018, the Company completed
the acquisition of 20 containerships, one of which, the Argos, was contracted to be sold which sale was completed in December 2018,
from Poseidon Containers Holdings LLC and K&amp;#38;T Marine LLC (together, &amp;#8220;Poseidon Containers&amp;#8221;) and the transaction
(the &amp;#8220;Poseidon Transaction&amp;#8221;). References herein to &amp;#8220;GSL Fleet&amp;#8221; are to the 19 vessels that were owned by
the Company prior to the consummation of the Poseidon Transaction, and references to &amp;#8220;Poseidon Fleet&amp;#8221; are to the 19
vessels that were acquired by the Company from Poseidon Containers upon consummation of the Poseidon Transaction, excluding the
one additional vessel acquired but held for sale and was delivered to its new owner on December 19, 2018.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On March 25, 2019, the Company&amp;#8217;s
common shares began trading on a reverse-split-adjusted basis, following approval received from the Company&amp;#8217;s shareholders
at a Special Meeting held on March 20, 2019 and subsequently approval from the Company&amp;#8217;s Board of Directors to reverse split
the Company&amp;#8217;s common shares at a ratio of one-for-eight. The Class A common shares and Class B common shares per share amounts
disclosed in the consolidated financial statements and notes give effect to the reverse stock split retroactively, for all periods
presented.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company&amp;#8217;s business is to own
and charter out containerships to leading liner companies. As of December 31, 2018, the Company owned 38 vessels with average age
weighted by TEU capacity of 11.0 years.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The following table provides information
about the vessels:&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td colspan="2" rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Company Name (1)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Fleet (2),(3)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Country&amp;#160;of&lt;/b&gt;&lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Incorporation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Vessel&amp;#160;&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Name&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Capacity in&amp;#160;TEUs&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;(4) &lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td colspan="2" rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Year Built &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Earliest&amp;#160;&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Charter Expiry&amp;#160;Date &lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 3 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Matisse &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,262&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1999&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 4 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Utrillo &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,262&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1999&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 5 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Keta &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,207&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2003&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 6 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Julie &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,207&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2002&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 7 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Kumasi &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,207&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2002&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;4Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 8 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Marie Delmas &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,207&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2002&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;4Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 9 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM La Tour &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,272&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2001&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 10 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Manet &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,272&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2001&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 12 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Ch&amp;#226;teau d&amp;#8217;If &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;5,089&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2007&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;4Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 13 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Thalassa &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;11,040&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2008&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;4Q25&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 14 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Jamaica &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;4,298&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2006&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q22&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 15 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Sambhar &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;4,045&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2006&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q22&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 16 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM America &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;4,045&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2006&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q22&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 20 Limited&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Tianjin &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;8,667&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2005&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 21 Limited&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;OOCL Qingdao &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;8,667&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2004&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 22 Limited&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Ningbo &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;8,667&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2004&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 23 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Berlioz &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,621&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2001&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q21&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 26 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Valerie &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,824&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2005&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL Alcazar Inc. &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Alcazar &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;5,089&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2007&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;4Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Aris Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Maira &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,506&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Aphrodite Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Nikolas &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,506&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Athena Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Newyorker &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,506&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2001&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Hephaestus Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Dolphin II &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;5,095&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2007&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Pericles Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Athena &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,762&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2003&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Zeus One Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Orca I &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;5,095&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2006&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Leonidas Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Agios Dimitrios &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,572&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Alexander Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Mary&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,927&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2013&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q23&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Hector Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Kristina&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,927&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2013&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19(6)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Ikaros Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Katherine&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,927&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2013&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q24&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Tasman Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Tasman &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;5,936&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Hudson Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Dimitris Y &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;5,936&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Drake Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Ian H &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;5,936&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Phillipos Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Alexandra&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,927&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2013&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19(6)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Aristoteles Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;UASC Bubiyan&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,882&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2015&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19(6)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Menelaos Marine LLC(5)&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;UASC Yas&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,882&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2015&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q24&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Laertis Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;UASC Al Khor&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;9,115&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2015&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Penelope Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Maira XL&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;9,115&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2015&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Telemachus Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Anthea Y&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;9,115&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2015&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="13" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;i&gt;(1)&amp;#160;&amp;#160; All subsidiaries are 100% owned, either directly
        or indirectly;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/p&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;i&gt;(2) The GSL Fleet comprises the 19 vessels wholly owned by the
        Company prior to completion of the Poseidon Transaction;&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="13" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;(3)&amp;#160; The Poseidon Fleet comprises the 19 vessels wholly owned by Poseidon Containers as at the completion of the Poseidon Transaction, excluding one additional vessel held for sale;&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="13" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;i&gt;(4)&amp;#160;&amp;#160;&amp;#160;Twenty-foot Equivalent Units;&lt;/i&gt;&lt;/p&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;i&gt;(5)&amp;#160;&amp;#160; Renamed Olivia I, effective March 19, 2019;&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="13" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;(6)&amp;#160;&amp;#160; Thereafter, five years to CMA CGM at $25,910 per day.&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="13" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
    <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;2. Summary of Significant Accounting Policies&lt;/b&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(a)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Basis of Presentation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The accompanying consolidated financial
statements are prepared in accordance with United States Generally Accepted Accounting Principles (&amp;#8220;U.S. GAAP&amp;#8221;). Certain
comparative figures have been reclassified to conform to changes in presentation in the current year.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;Adoption of new accounting standards&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On January&amp;#160;1, 2018, the Company
adopted ASU&amp;#160;No.&amp;#160;2014-09,&amp;#160;&amp;#8220;Revenue from Contracts with Customers&amp;#8221; and the related amendments (&amp;#8220;ASC
606&amp;#8221; or &amp;#8220;the new revenue standard&amp;#8221;) using the modified retrospective method, requiring the Company to recognize
the cumulative effect of adopting this guidance as an adjustment to the 2018 opening balance of retained earnings and not retrospectively
adjusting prior periods. Under the new guidance, there is a five-step model to apply to revenue recognition. The five-steps consist
of: (1)&amp;#160;determination of whether a contract, an agreement between two or more parties that creates legally enforceable rights
and obligations, exists; (2)&amp;#160;identification of the performance obligations in the contract; (3)&amp;#160;determination of the
transaction price; (4)&amp;#160;allocation of the transaction price to the performance obligations in the contract; and (5)&amp;#160;recognition
of revenue when (or as) the performance obligation is satisfied. The adoption of this standard did not have any effect on the retained
earnings or on the financial results for year ended December 31, 2018 of the Company since all the Company&amp;#8217;s vessels generated
revenues from time charter agreements. The Company expects the impact of the adoption of the new revenue standard to be immaterial
to its net income on an ongoing basis.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On January&amp;#160;1, 2018, the Company
adopted ASU&amp;#160;2016-18,&amp;#160;&amp;#8220;Restricted Cash&amp;#8221; (&amp;#8220;ASU&amp;#160;2016-18&amp;#8221;),&amp;#160;which&amp;#160;updated ASC Topic
230,&amp;#160;&amp;#8220;Statement of Cash Flows.&amp;#8221; ASU&amp;#160;2016-18&amp;#160;required companies to include restricted cash and restricted
cash equivalents with cash and cash equivalents when reconciling the&amp;#160;beginning-of-period&amp;#160;and&amp;#160;end-of-period&amp;#160;total
amounts shown on the statement of cash flows. The recognition and measurement guidance for restricted cash is not affected. The
Company applied this guidance retrospectively to all prior periods presented in the Company&amp;#8217;s financial statements. The reclassification
of restricted cash in the statements of cash flows does not impact net income as previously reported or any prior amounts reported
on the statements of comprehensive income, or balance sheets. There was no effect of the retrospective application of this change
in accounting principle on the Company&amp;#8217;s statements of cash flows, as the Company did not have restricted cash for the years
ended December 31, 2017 or December 31, 2016.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On January&amp;#160;1, 2018,&amp;#160;the Company
adopted ASU 2016-15, &amp;#34;Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments&amp;#34; (&amp;#34;ASU
2016-15&amp;#34;). The FASB issued ASU&amp;#160;2016-15 to decrease the diversity in practice in how certain cash receipts and cash payments
are presented and classified in the statements of cash flows. The amendments in this update provide guidance on eight specific
cash flow issues. The effect of the retrospective application of this change in accounting principle on the Company&amp;#8217;s statements
of cash flows for the years ended December 31, 2017 and 2016 resulted in an increase in net cash provided by operating activities
of $9,047 and $533, respectively and an increase in net cash used in financing activities of $9,047 and $533, respectively.&amp;#160;&amp;#160;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Counterparty risk&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify"&gt;The majority of the Company&amp;#8217;s revenues
are derived from charters to CMA CGM. The Company is consequently highly dependent on the performance by CMA CGM of its obligations
under these charters. The container shipping industry is volatile and is currently experiencing a sustained cyclical downturn.
Many container shipping companies have reported financial losses.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify"&gt;If CMA CGM ceases doing business or fails
to perform its obligations under the charters, the Company&amp;#8217;s business, financial position and results of operations would
be materially adversely affected as it is probable that, even if the Company was able to find replacement charters, such replacement
charters would be at significantly lower daily rates and shorter durations. If such events occur, there would be significant uncertainty
about the Company&amp;#8217;s ability to continue as a going concern.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify"&gt;These consolidated financial statements
have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in
the normal course of business. The consolidated financial statements do not include any adjustments relating to the recoverability
and classification of recorded assets, nor to the amounts and classification of liabilities that may be necessary should the Company
be unable to continue as a going concern.&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(b)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Principles of Consolidation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0 18pt; text-align: justify"&gt;The accompanying consolidated
financial statements include the financial statements of the Company and its wholly owned subsidiaries; the Company has no other
interests. All significant intercompany balances and transactions have been eliminated in the Company&amp;#8217;s consolidated financial
statements.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(c)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Use of Estimates&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The preparation of consolidated financial
statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates
under different assumptions and/or conditions.&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(d)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Cash and cash equivalents&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Cash and cash equivalents include cash
in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months
or less.&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(e)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Restricted cash&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Restricted cash consists of retention
accounts which are restricted in use and held in order to service debt and interest payments. In addition, restricted cash consists
of pledged cash maintained with lenders and amounts built-up for future drydockings.&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(f)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Insurance claims&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Insurance claims consist of claims submitted
and/or claims in the process of compilation or submission. They are recorded on an accrual basis and represent the claimable expenses,
net of applicable deductibles, incurred through December&amp;#160;31 of each reported period, which are probable to be recovered from
insurers. Any outstanding costs to complete the claims are included in accrued liabilities. The classification of insurance claims
into current and non-current assets is based on management&amp;#8217;s expectation as to the collection dates.&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(g)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Inventories&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Inventories consist of bunkers, lubricants,
stores and provisions. Inventories are stated at the lower of cost or net realizable value as determined using the first-in, first-out
method.&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(h)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Accounts receivable, net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company carries its accounts receivable
at cost less, if appropriate, an allowance for doubtful accounts, based on a periodic review of accounts receivable, taking into
account past write-offs, collections and current credit conditions. The Company does not generally charge interest on past-due
accounts. Allowances for doubtful accounts amount to $ nil as of December 31, 2018 (2017: $ nil).&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(i)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Vessels in operation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Vessels are generally recorded at their
historical cost, which consists of the acquisition price and any material expenses incurred upon acquisition. Vessels
acquired in a corporate transaction accounted for as an asset acquisition are stated at the acquisition price, which consists
of consideration paid, plus transaction costs less any negative goodwill, if applicable. Vessels acquired in a corporate
transaction accounted for as a business combination are recorded at fair value. Vessels acquired as part of the Marathon
Merger in 2008 were accounted for under ASC 805, which required that the&amp;#160;vessels be recorded at fair value, less the
negative goodwill arising as a result of the accounting for the merger.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Subsequent expenditures for major improvements
and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capacity or improve the efficiency
or safety of the vessels.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Borrowing costs incurred during the
construction of vessels or as part of the prefinancing of the acquisition of vessels are capitalized. There was no capitalized
interest for the years ended December 31, 2018 or 2017. Other borrowing costs are expensed as incurred.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Vessels are stated less accumulated
depreciation and impairment, if applicable. Vessels are depreciated to their estimated residual value using the straight-line method
over their estimated useful lives which are reviewed on an ongoing basis to ensure they reflect current technology, service potential
and vessel structure. The useful lives are estimated to be 30 years from original delivery by the shipyard.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;For any vessel&amp;#160;group which is impaired,&amp;#160;the
impairment charge is recorded against the cost of the vessel and the&amp;#160;accumulated depreciation as at the date of impairment
is removed from the accounts.&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The cost and related accumulated depreciation
of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the
Consolidated Statements of Income.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;u&gt;Vessels acquisitions&lt;/u&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Poseidon Transaction has been accounted
for under ASU 2017-01 as an asset acquisition. The vessels acquired on November 15, 2018, described in note 1, were recorded at
their fair value, based on valuations obtained from third party independent ship brokers, less negative goodwill arising as a result
of the accounting for the overall Poseidon Transaction, allocated pro-rata. The following table summarizes the accounting for the
Poseidon Transaction, including the fair value of the stock-based consideration given:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Assets and Liabilities Acquired&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Vessels fair value as of November 15, 2018&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;761,248&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Negative goodwill allocated pro-rata to the vessels acquired &lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(143,726)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Vessels fair value recognized as of November 15, 2018 (see note 4)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;617,522&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Cash and cash equivalents &lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;35,044&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Fair value of time charter contracts attached, net of pro-rata allocation of negative goodwill (see note 6)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;5,404&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Debt assumed&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(509,673)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Working capital (excluding cash and cash equivalents)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(11,331)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;136,966&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Fair Value of Consideration Given&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Share price as of November 15, 2018 (as adjusted for reverse stock split)&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;7.84&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Fair value of stock-based consideration&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;125,133&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Capitalized transaction expenses&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;11,833&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total consideration&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;136,966&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="width: 72%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 5%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 4%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 18%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0 18pt; text-align: justify"&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(j)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Deferred charges, net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Drydocking costs are reported in the
Consolidated Balance Sheets within &amp;#34;Deferred charges, net&amp;#34;, and include planned major maintenance and overhaul activities
for ongoing certification. The Company follows the deferral method of accounting for drydocking costs, whereby actual costs incurred
are deferred and amortized on a straight-line basis over the period until the next scheduled drydocking, which is generally five
years. Any remaining unamortized balance from the previous drydocking is written-off.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The amortization period reflects the
estimated useful economic life of the deferred charge, which is the period between each drydocking. Costs incurred during the
drydocking relating to routine repairs and maintenance are expensed. The unamortized portion of drydocking costs for vessels sold
is included as part of the carrying amount of the vessel in determining the gain or (loss) on sale of the vessel.&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(k)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Intangible assets and liabilities &amp;#8211; charter agreements&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0 18pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;When intangible assets or liabilities associated
with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market
data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset
is recorded, being based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel.
Where charter rates are less than market charter rates, a liability is recorded, being based on the difference between the acquired
charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed
liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates,
expected future charter rates, the level of utilization of the Company&amp;#8217;s vessels and the Company&amp;#8217;s weighted average
cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could
have a material impact on the Company&amp;#8217;s financial position and results of operations.&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(l)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Impairment of Long-lived assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Tangible fixed assets, such as vessels, are
reviewed individually for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable.
Undiscounted projected operating cash flows are determined for each vessel group, which comprises of the vessel, the unamortized
portion of deferred drydocking related to the vessel and the related carrying value of the intangible asset or liability (if any)
with respect to the time charter attached to the vessel at its purchase, if applicable (together the &amp;#8220;vessel group&amp;#8221;)
and compared to the carrying value of the vessel group (step one). Within the shipping industry, vessels can be purchased with
a charter attached. The value of the charter may be favorable or unfavorable when comparing the contracted charter rate to then
current market rates.&amp;#160;An impairment charge is recognized when the sum of the expected undiscounted future cash flows from
the vessel group over its estimated remaining useful life is less than its carrying amount (step one) and is recorded equal to
the amount by which the vessel group&amp;#8217;s carrying amount exceeds its fair value, including any applicable charter. Fair value
is determined with the assistance from valuations obtained from third party independent ship brokers (step two).&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The assumptions used involve a considerable
degree of estimation. Actual conditions may differ significantly from the assumptions and thus actual cash flows may be significantly
different to those estimated with a material effect on the recoverability of each vessel&amp;#8217;s carrying amount. The most significant
assumptions made for the determination of expected cash flows are (i) charter rates on expiry of existing charters, which are based
on forecast charter rates, where relevant, in the four years from the date of the impairment test and a reversion to the historical
mean for each vessel thereafter (ii) off-hire days, which are based on actual off-hire statistics for the Company&amp;#8217;s fleet
(iii) operating costs, based on current levels escalated over time based on long term trends (iv) dry docking frequency, duration
and cost&amp;#160; (v) estimated useful life, which is assessed as a total of 30 years from original delivery by the shipyard and (vi)
scrap values.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Whilst charter rates in the spot market and
asset values saw overall improvements through 2018, taking into account the seasonal as well as cyclical nature of the container
shipping industry, the recovery was not considered to have been sufficiently sustained not to undertake a fleet-wide review for
impairment as at December 31, 2018 for the 19 vessels in the GSL Fleet.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As a result, our management performed step one
of the impairment assessment of each of the vessel groups in the GSL Fleet by comparing the undiscounted projected net operating
cash flows for each vessel group to the carrying value of the vessel group.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;During the three months ended December&amp;#160;31,
2018, our assessment concluded that step two of the impairment analysis was required for three of our vessels groups that were
held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value. As a result, an impairment
loss of $71,834 was recorded for three vessels, shown as &amp;#8220;Impairment of vessels&amp;#8221; in the Consolidated Statements of
Income, being the difference between the fair value of the vessel group (which included the charter attached) and the vessel group&amp;#8217;s
carrying value.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;No impairment test was performed for the vessels
comprising the Poseidon Fleet as at December 31, 2018, as no events or circumstances existed indicating that their carrying value
may not be recoverable. The carrying value of the vessels at December 31, 2018 was significantly lower than their fair value, mainly
as a result of the allocation of negative goodwill arising from the accounting for the Poseidon Transaction.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The assessment performed for 2017 and 2016 resulted
in impairment charges of $87,624 and $92,422, respectively.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(m)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Deferred financing costs&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Costs incurred in connection with obtaining
long-term debt and in obtaining amendments to existing facilities are recorded as deferred financing costs and are amortized to
interest expense using the effective interest method over the estimated duration of the related debt. Such costs include fees
paid to the lenders or on the lenders&amp;#8217; behalf and associated legal and other professional fees. Debt issuance costs, other
than any up-front arrangement fee for revolving credit facilities, related to a recognized debt liability are presented as a direct
deduction from the carrying amount of that debt. Arrangement fees for revolving credit facilities are shown within &amp;#8220;Other
non-current assets&amp;#8221;.&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(n)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Preferred shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Series B Preferred Shares have
been included within Equity in the Consolidated Balance Sheets, from their issue in August 2014, and the dividends are presented
as a reduction of Retained Earnings or addition to Accumulated Deficit in the Consolidated Statements of Shareholders&amp;#8217; Equity
as their nature is similar to that of an equity instrument rather than a liability. Holders of these redeemable perpetual preferred
shares, which may only be redeemed at the discretion of the Company, are entitled to receive a dividend equal to 8.75% on the
original issue price and rank senior to the common shares with respect to dividend rights and rights upon liquidation, dissolution
or winding up of the Company&lt;font style="color: red"&gt;.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Series C Preferred Shares have
been included within Equity in the Consolidated Balance Sheets, from their issue on November 15, 2018. The Class C Preferred Shares
are convertible in certain circumstances to Class A common shares and they are entitled to a dividend only should such a dividend
be declared on the Class A common shares.&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(o)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Other comprehensive income/ (loss)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Other comprehensive income/ (loss),
which is reported in the Consolidated Statements of Shareholders&amp;#8217; Equity, consists of net income (loss) and other gains
and losses affecting equity that, under U.S. GAAP, are excluded from net income (loss). Under ASU 2011-05, an entity reporting
comprehensive income in a single continuous financial statement shall present its components in two sections, net income and other
comprehensive income. As the Company does not, to date, have other comprehensive income, the accompanying Consolidated Financial
Statements only include Consolidated Statements of Income.&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(p)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Revenue recognition and related expense&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company charters out its vessels
on time charters which involves placing a vessel at a charterer&amp;#8217;s disposal for a specified period of time during which the
charterer uses the vessel in return for the payment of a specified daily hire rate. Such charters are accounted for as operating
leases and therefore revenue is recognized on a straight-line basis as the average revenues over the rental periods of such charter
agreements, as service is performed. Cash received in excess of earned revenue is recorded as deferred revenue. If a time charter
contains one or more consecutive option periods, then subject to the options being exercisable solely by the Company, the time
charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter, including any options
which are more likely than not to be exercised. Any difference between the charter rate invoiced and the time charter revenue
recognized is classified as, or released from, deferred revenue within the Consolidated Balance Sheets.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"&gt;Revenues are recorded net of address
commissions, which represent a discount provided directly to the charterer based on a fixed percentage of the agreed upon charter
rate.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Charter revenue received in advance
which relates to the period after a balance sheet date is recorded as deferred revenue within current liabilities until the respective
charter services are rendered.&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Under time charter arrangements the
Company, as owner, is responsible for all the operating expenses of the vessels, such as crew costs, insurance, repairs and maintenance,
and such costs are expensed as incurred and are included in vessel operating expenses.&lt;/p&gt;

&lt;p style="margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Commission paid to brokers to facilitate
the agreement of a new charter are included in time charter and voyage expenses as are certain expenses related to a voyage, such
as the costs of bunker fuel consumed when a vessel is off-hire or idle.&lt;/p&gt;



&lt;p style="margin: 0"&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(q)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Foreign currency transactions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s functional currency is the
U.S. dollar as substantially all revenues and a majority of expenditures are denominated in U.S. dollars. Monetary assets and liabilities
denominated in foreign currencies are translated at the rate of exchange at the balance sheet dates. Expenses paid in foreign currencies
are recorded at the rate of exchange at the transaction date. Exchange gains and losses are included in the determination of net
income (loss).&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(r)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Share based compensation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company may award restricted stock
units to its management and Directors as part of their compensation.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The fair value of restricted stock unit
grants is determined by reference to the share price on the date of grant, adjusted for estimated dividends forgone until the restricted
stock units vest. Compensation expense is recognized based on a graded expense model over the expected vesting period.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(s)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Income taxes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company and its Marshall Island
subsidiaries are exempt from taxation in the Marshall Islands. The Company&amp;#8217;s vessels are liable for tax based on the tonnage
of the vessel, under the regulations applicable to the country of incorporation of the vessel owning company, which is included
within vessels&amp;#8217; operating expenses.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Cyprus and Hong Kong subsidiaries
are also liable for income tax on any interest income earned from non-shipping activity.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company has one subsidiary in the
United Kingdom, where the principal rate of corporate income tax is 19% (2017: 19%, 2016: 20%).&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company accounts for deferred income
taxes using the liability method which requires the determination of deferred tax assets and liabilities, based upon temporary
timing differences that arise between the financial statement and tax bases of recorded assets and liabilities, using enacted tax
rates in effect for the year in which differences are expected to reverse. The net deferred tax asset is adjusted by a valuation
allowance where appropriate, if, based on the weight of available evidence, it is more likely than not that some portion or all
of the net deferred tax asset will not be realized. At December 31, 2018 a deferred tax liability of $9 (2017: $17) was recognized
relating to stock based compensation costs charged to the Consolidated Statements of Income in respect of unvested shares and timing
differences between the carrying amounts of assets for financial reporting purposes and their tax bases.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company recognizes uncertain tax
positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities,
based solely on the technical merits of the position.&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(t)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Dividends&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Dividends are recorded in the period
in which they are declared by the Company&amp;#8217;s Board of Directors. Dividends to be paid are presented in the Consolidated Balance
Sheets in the line item &amp;#8220;Dividends payable&amp;#8221;.&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(u)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Earnings/ (Loss) per share&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Basic earnings/ (loss) per common share
are based on income/ (loss) available to common shareholders divided by the weighted average number of common shares outstanding
during the period, excluding unvested restricted stock units. Diluted income/ (loss) per common share are calculated by applying
the treasury stock method. All unvested restricted stock units that have a dilutive effect are included in the calculation. The
basic and diluted earnings per share for the period are presented for each category of participating common shares under the two-class
method.&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(v)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Risks Associated with Concentration&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company is exposed to certain concentration
risks that may adversely affect the Company&amp;#8217;s financial position in the near term:&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 36pt"&gt;&lt;font style="font-size: 9pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;The Company derives its revenue from CMA CGM and other liner companies which are exposed to the cyclicality
of the container shipping industry.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 36pt"&gt;&lt;font style="font-size: 9pt"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;There is a concentration of credit risk with respect to cash and cash equivalents at December 31, 2018, to
the extent that substantially all of the amounts are deposited with eight banks (2017; three banks). However, the Company believes this
risk is remote as the banks are high credit quality financial institutions.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(w)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Segment Reporting&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company reports financial information
and evaluates its operations by charter revenues and not by the length of ship employment for its customers. The Company does
not use discrete financial information to evaluate operating results for each type of charter. Management does not identify expenses,
profitability or other financial information by charter type. As a result, management reviews operating results solely by revenue
per day and operating results of the fleet and thus the Company has determined that it operates under one reportable segment.&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(x)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Fair Value Measurement and Financial Instruments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Financial instruments carried on the
balance sheet include cash and cash equivalents, restricted cash, trade receivables and payables, other receivables and other
liabilities and long-term debt. The particular recognition methods applicable to each class of financial instrument are disclosed
in the applicable significant policy description of each item, or included below as applicable.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Fair value measurement: &lt;/i&gt;&lt;/b&gt;Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the &amp;#8220;exit price&amp;#8221;)
in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based
on the observability of inputs as follows:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Level&amp;#160;1 &amp;#8212; Valuations based
on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.&amp;#160;&amp;#160;Valuation
adjustments and block discounts are not applied to Level&amp;#160;1 instruments. Since valuations are based on quoted prices that are
readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Level&amp;#160;2 &amp;#8212; Valuations based
on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly
or indirectly.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Level&amp;#160;3 &amp;#8212; Valuations based
on inputs that are unobservable and significant to the overall fair value measurement.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;As at December 31, 2018, the Company&amp;#8217;s
three vessel groups that were held and used with a total aggregate carrying amount of $165,334 were written down to their fair
value of $93,500 resulting in a non-cash impairment charge of $71,834 which was allocated to the respective vessels&amp;#8217; carrying
values (see note 4) and was included in Consolidated Statements of Income for the year ended December 31, 2018.&amp;#160;The estimated
fair value, measured on a non-recurring basis, of the Company&amp;#8217;s relevant three vessel groups that are held and used is calculated
with the assistance of valuation obtained by third party independent ship brokers.&amp;#160;Therefore, the Company has categorized
the fair value of these vessels as Level II in the fair value hierarchy.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Financial Risk Management:&lt;/i&gt;&lt;/b&gt;&amp;#160;The
Company activities expose it to a variety of financial risks including fluctuations in, time charter rates, credit and interest
rates risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall
risk management, as well as specific areas of operations.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Credit risk:&lt;/i&gt;&lt;/b&gt;&amp;#160;The
Company closely monitors its credit exposure to customers and counter-parties for credit risk. The Company has entered into commercial
management agreement with Conchart Commercial Inc. (&amp;#8220;Conchart&amp;#8221;), pursuant to which Conchart has agreed to provide commercial
management services to the Company, including the negotiation, on behalf of the Company, vessel employment contracts (see note
13). Conchart has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Financial instruments that potentially
subject the Company to concentrations of credit risk are accounts receivable and cash and cash equivalents. The Company does not
believe its exposure to credit risk is likely to have a material adverse effect on its financial position, results of operations
or cash flows.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Liquidity Risk:&lt;/i&gt;&lt;/b&gt; Prudent
liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an
adequate amount of committed credit facilities and the ability to close out market positions. The Company monitors cash balances
appropriately to meet working capital needs.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Foreign Exchange Risk:&lt;/i&gt;&lt;/b&gt;&amp;#160;Foreign
currency transactions are translated into the measurement currency rates prevailing at the dates of transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies are recognized in the Consolidated Statements of Income.&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(y)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Recently issued accounting standards&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;In February 2016, the FASB issued Accounting
Standards Update No. 2016-02, &amp;#8220;Leases (Topic 842)&amp;#8221; (&amp;#8220;ASU 2016-02&amp;#8221;). ASU 2016-02 will apply to both types
of leases-capital (or finance) leases and operating leases. According to the new Accounting Standard, lessees will be required
to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more
than 12 months. ASU 2016-02 is effective for fiscal years which began after December 15, 2018, including interim periods within
those fiscal years. Early application was permitted. This guidance requires companies to identify lease and non-lease components
of a lease agreement. Lease components relate to the right to use the leased asset and non-lease components relate to payments
for goods or services that are transferred separately from the right to use the underlying asset. Total lease consideration is
allocated to lease and non-lease components on a relative standalone basis. The recognition of revenues related to lease components
will be governed by ASC 842 while revenue related to non-lease components will be subject to ASC 606. In March 2018, the FASB tentatively
approved a proposed amendment to ASU 842, that would provide an entity the optional transition method to initially account for
the impact of the adoption with a cumulative adjustment to retained earnings on the effective date of the ASU, January 1, 2019
rather than January 1, 2017, which would eliminate the need to restate amounts presented prior to January 1, 2019. In addition,
lessors can elect, as a practical expedient, not to allocate the total consideration to lease and non-lease components based on
their relative standalone selling prices. As adopted by the Accounting Standards Update No. 2018-11 in July 2018, this practical
expedient will allow lessors to elect and account for the combined component based on its predominant characteristic.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;ASC 842 provides practical expedients
that allow entities to not (i) reassess whether any expired or existing contracts are considered or contain leases; (ii) reassess
the lease classification for any expired or existing leases; and (iii) reassess initial direct costs for any existing leases. In
July 2018, the FASB issued Accounting Standards Update No. 2018-10, &amp;#8220;Codification Improvements to Topic 842, Leases&amp;#8221;
and in December 2018 the Accounting Standards Update No. 2018-20 &amp;#8220;Narrow-scope improvements for lessors&amp;#8221;, which further
improve and clarify ASU 2016-02. The Company plans to adopt the standard as of January 1, 2019 and expects to elect the use of
all practical expedients. Based on a preliminary assessment, the Company is expecting that the adoption will not have a material
effect on its consolidated financial statements since the Company is primarily a lessor and the changes to the lessor model are
fairly minor.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company currently does not have
any other miscellaneous leases that are greater than 12 months and the Company is the lessee that would be impacted by the adoption
of this standard.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;In June 2016, the FASB issued ASU 2016-13,
&amp;#8220;Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments&amp;#8221; (&amp;#8220;ASU
2016-13&amp;#8221;), which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses
to estimate credit losses on certain types of financial instruments, including trade receivables. In December 2018, the FASB issued
Accounting Standards Update No. 2018-19 &amp;#8220;Codification improvements to Topic 326&amp;#8221;, which clarifies that impairment of
receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The ASU 2016-13 is effective
for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently
evaluating the impact of the new standard on the Company&amp;#8217;s consolidated financial statements.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company does not believe that any
other recently issued, but not yet effective, accounting pronouncements would have a material impact on its consolidated financial
statements.&lt;/p&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
    <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;4. Vessels in Operation&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Vessels in Operation as of December&amp;#160;31,
2018 and 2017 consisted of the following:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Vessel Cost,&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;as adjusted for &lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Accumulated&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Net Book&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;impairment charges&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Depreciation &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;As of January 1, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;916,809&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(209,481)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;707,328&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;310&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;310&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Depreciation &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(33,494)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(33,494)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Impairment loss&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(182,585)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;94,961&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(87,624)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;As of December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;734,534&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(148,014)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;586,520&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;11,675&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;11,675&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Acquisitions through the Poseidon Transaction&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;617,522&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;617,522&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Depreciation &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(31,117)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(31,117)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Impairment loss&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(139,354)&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;67,520&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(71,834)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;As of December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;1,224,377&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(111,611)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;1,112,766&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="width: 42%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 15%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 15%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On June&amp;#160;18, 2018, the Company took delivery
of a 2005-built, 2,824 TEU containership, now named GSL Valerie, for a total cost of $11,436.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On November 15, 2018, the Company completed
the Poseidon Transaction, acquiring 20 containerships, one of which, the Argos, was contracted to be sold which sale was completed
in December 2018. The Poseidon vessels were recorded at their fair value, less negative goodwill arising as a result of the accounting
for the Poseidon Transaction, allocated pro-rata at that date. The vessel contracted to be sold at the date of the transaction
was classified as an asset held-for-sale and was held at a fair value which equaled the agreed sale price. As a result, no gain
or loss has been recognized in the Company&amp;#8217;s Consolidated Statements of Income.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Whilst charter rates in the spot market and
asset values saw overall improvements through 2018, taking into account the seasonal as well as cyclical nature of the container
shipping industry, the recovery was not considered to have been sufficiently sustained not to undertake a review of the GSL Fleet
for impairment as at December 31, 2018. The impairment review resulted in an impairment charge on three vessels, totaling $71,834,
being recognized during the year ended December 31, 2018.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;No impairment test was performed for the vessels
comprising the Poseidon Fleet as at December 31, 2018, as no events or circumstances existed indicating that their carrying value
may not be recoverable. The carrying value of the vessels at December 31, 2018, was significantly lower than their fair value,
in part as a result of the allocation of negative goodwill arising from the accounting for the Poseidon Transaction.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The impairment review as at December 31, 2017
and 2016 gave rise to an impairment charge of $87,624 and $92,422 on five and six vessels, respectively in the GSL Fleet.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2018, 18 vessels of the GSL
Fleet were pledged as collateral under the 2022 Notes and the Citi Super Senior Term Loan (&amp;#8220;Citi Credit Facility&amp;#8221;),
and one vessel of the GSL Fleet was pledged as collateral under the Hayfin Credit Facility. Additionally, the loan facilities of
Poseidon Fleet are collateralized by preferred mortgages over the 19 Poseidon vessels (see note 11).&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
    <gsl:IntangibleLiabilityCharterAgreementsTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;6. Intangible Assets/Liabilities &amp;#8211; Charter Agreements&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;Intangible Liabilities &amp;#8211; Charter Agreements as of December&amp;#160;31,
2018 and 2017 consisted of the following:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December&amp;#160;31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December&amp;#160;31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Opening balance&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,482 &lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;12,527 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="border-bottom: white 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Amortization in period&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,012)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,045)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Closing balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;8,470&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;10,482&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Intangible liabilities relate to management&amp;#8217;s
estimate of the fair value of below-market charters on August 14, 2008, the date of the Marathon Merger (see note 1). These intangible
liabilities, which are related to five vessels as at December 31, 2018, are being amortized over the remaining term of the relevant
charter, giving rise to an increase in time charter revenue.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;Intangible Assets &amp;#8211; Charter Agreements as of December&amp;#160;31,
2018 and 2017 consisted of the following:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 11pt; color: teal"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December&amp;#160;31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December&amp;#160;31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Opening balance&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;700 &lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 12%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;937 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="border-bottom: white 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Additions through the Poseidon Transaction&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,404 &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Amortization in the year&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(704)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(237)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Closing balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;5,400&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;700&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Intangible assets relate to management&amp;#8217;s
estimate of the fair value of two above-market charters on August 14, 2008, the date of the Marathon Merger (see note 1). These
intangible assets are amortized over the remaining term of the relevant charters, giving rise to a reduction in time charter revenue.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In addition, following the completion of the
Poseidon Transaction (see note 1) on November 15, 2018, intangible assets were recognized. These assets were derived from the management&amp;#8217;s
estimate of the fair value of above-market charters. These intangible assets, which are related to two vessels, are being amortized
over the remaining term of the relevant charter, giving rise to a reduction in time charter revenue. The unamortized balance of
the intangible assets recognized following the Poseidon Transaction as of December 31, 2018, will be fully amortized during the
second quarter of 2020.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;</gsl:IntangibleLiabilityCharterAgreementsTextBlock>
    <us-gaap:LongTermDebtTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;11.Long - Term Debt&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;Long- term debt as of December&amp;#160;31, 2018 and 2017 consisted of
the following:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&lt;u&gt;Facilities&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; width: 70%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;2022 Notes&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;360,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;360,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less repurchase of Notes&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(20,000)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less original issue discount &lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(3,600)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(3,600)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Accumulated amortization of original issue discount&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;941&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;133&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2022 Notes (a)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;337,341&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;356,533&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - DVB Credit Facility (b)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;51,063&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - Credit Agricole Credit Facility (c)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;53,069&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - Blue Ocean Credit Facility (d)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;23,830&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - ABN-AMRO Credit Facility (e)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;62,189&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - ATB Credit Facility (f)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;17,100&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - Credit Agricole Credit Facility (g)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;80,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - Blue Ocean Credit Facility (h)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;38,500&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - Deutsche, CIT, Entrust Credit Facility (i)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;180,500&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Citi Credit Facility (j) &lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;34,800&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;54,800&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Hayfin Credit Facility (k)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;8,125&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Deferred financing costs (n)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(9,299)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(12,818)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;877,218&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;398,515&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of 2022 Notes (a)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(20,000)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of Poseidon - DVB Credit Facility (b)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(2,231)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of Poseidon - Credit Agricole Credit Facility (c)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(405)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of Poseidon - ABN - AMRO Credit Facility (e)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(129)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of Poseidon - ATB Credit Facility (f)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(1,628)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of Poseidon - Credit Agricole Credit Facility (g)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(6,000)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of Poseidon - Deutsche, CIT, Entrust Credit Facility (i)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(13,695)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of Citi Credit Facility (j)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(20,000)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(40,000)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Non - current portion of Long - Term Debt&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;813,130&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;358,515&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;a)9.875% First Priority Secured Notes due
2022&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On October 31, 2017, the Company completed the
sale of $360,000 in aggregate principal amount of its 9.875% First Priority Secured Notes (the &amp;#8220;2022 Notes&amp;#8221;) which
mature on November 15, 2022. Proceeds after the deduction of the original issue discount, but before expenses, amounted to $356,400.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Interest on the 2022 Notes is payable semi-annually
on May 15 and November 15 of each year, commencing on May 15, 2018. As at December 31, 2018 the 2022 Notes were secured by first
priority ship mortgages on the 18 vessels in the GSL Fleet and by assignments of earnings and insurances, pledges over certain
bank accounts, as well as share pledges over each subsidiary owning a Mortgaged Vessel. In addition, the 2022 Notes are fully and
unconditionally guaranteed, jointly and severally, by the Company&amp;#8217;s 18 vessel owning subsidiaries and Global Ship Lease Services
Limited.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company is required to have a minimum cash
balance of $20,000 on each test date, being March 31, June 30, September 30 and December 31 in each year.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The original issue discount is being amortized
on an effective interest rate basis over the life of the 2022 Notes.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company is required to repay $40,000 each
year for the first three years and $35,000 thereafter, across both the 2022 Notes and the new Citi Credit Facility &amp;#8211; see
12(j) below. The Citi Credit Facility has minimum fixed amortization whereas as long as amounts are outstanding under that Facility&amp;#160;amortization
of the 2022 Notes is at the option of the noteholders, who can accept or reject an annual tender offer the Company is obliged to
make.&amp;#160;&amp;#160;In December 2018, the tender offer was accepted in full and the Company repurchased $20,000 of the 2022 Notes
at a purchase price of 102%. Around the second anniversary of the issue of the 2022 Notes, the Company will further offer to redeem
$20,000 of the 2022 Notes at a purchase price of 102%. Any such offer not accepted will be applied to repay the Citi Credit Facility
at par. Should the amount outstanding under the Citi Credit Facility be insufficient to absorb the total amount to be repaid, the
excess will be mandatorily redeemed against the 2022 Notes at 102%. Around the third anniversary of the issue of the 2022 Notes,
the Company will mandatorily redeem $40,000 of the 2022 Notes at a purchase price of 102%, less any amount remaining under the
Citi Credit Facility. Around the fourth anniversary of the issue of the 2022 Notes, the Company will mandatorily redeem $35,000
of the 2022 Notes at a purchase price of 102%.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On December 20, 2018, the Company entered into
a first supplemental indenture for the 2022 Notes according to which the date beginning on which the Company is permitted to pay
dividends to common shareholders in an aggregate amount per year equal to 50% of the consolidated net profit after taxes of the
Company for the preceding financial year, was brought forward from January 1, 2021 to January 1, 2020. Also, certain restrictions
were agreed in the increase in the permitted transfer basket and the immediate increase in dividend capacity as a result of completing
the Poseidon Transaction, and certain other provisions of the Indenture, among other things, the restricted payment covenant, the
arm&amp;#8217;s length transaction covenant and the reporting covenant were amended.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2018, the outstanding balance
was $337,341, net of the outstanding balance of the original issue discount.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;b)$52.6 Million DVB Credit Facility&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In connection with the Poseidon Transaction,
the Company assumed debt from the four vessel owning companies of Maira, Nikolas, Newyorker and Mary, on the date of completion
of the transaction of $51,063 with DVB Bank SE (&amp;#8220;DVB&amp;#8221;). The agreement is dated July 18, 2017, with initial drawdown
amount of $52,625 and final maturity of December 31, 2020.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The facility has a repayment schedule along
with a cash sweep clause, whereby the excess cash flows will be used against the outstanding balance of the facility and will be
specifically applied to the prepayment of the balloon instalment up to a specific amount. Tranches A and B each amounting to $5,500
is scheduled to be repaid in four consecutive quarterly instalments of $267 starting from March 31, 2020 and a balloon payment
of $4,429 payable in December 31, 2020.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Tranche C amounting to $5,800 is scheduled
to be repaid in four consecutive quarterly instalments of $267 starting from March 31, 2020 and a balloon payment of $4,734 payable
in December 31, 2020. Tranche D of the remaining $35,800 is scheduled to be repaid in four consecutive quarterly instalments of
$1,083 starting from March 31, 2020 and a balloon payment of $31,500 payable also in December 31, 2020. In addition to the repayment
schedule of all tranches and the cash sweep mechanism, certain financial covenants will apply starting from January 1, 2020.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The facility bears interest at LIBOR
plus a margin of 2.85% per annum.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;As of December 31, 2018, the outstanding
balance on this facility was $51,063.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;c)$55.7 Million Credit Agricole Credit
Facility&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;In connection with the Poseidon Transaction,
the Company assumed debt from the three vessel owning companies of Dolphin II, Kristina and Athena, on the date of completion of
the transaction of $54,025 with Credit Agricole Corporate and Investment Bank (&amp;#8220;Credit Agricole&amp;#8221;). The agreement is
dated August 11, 2017, with initial drawdown amount of $55,650 and final maturity of December 31, 2020.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The facility has a repayment schedule
along with a cash sweep clause, whereby the excess cash flows will be used against the outstanding balance of the facility and
will be specifically applied to the prepayment of the balloon instalment up to a specific amount. Tranche A amounting to $19,400
is scheduled to be repaid in four consecutive quarterly instalments of $350 starting from March 31, 2020 and a balloon payment
of $18,000 payable in December 31, 2020. Tranche B amounting to $10,500 is scheduled to be repaid in four consecutive quarterly
instalments of $200 starting from March 31, 2020 and a balloon payment of $9,700 payable in December 31, 2020. Tranche C amounting
to $25,750 is scheduled to be repaid in four consecutive quarterly instalments of $850 starting from March 31, 2020 and a balloon
payment of $22,350 payable also in December 31, 2020. In addition to the repayment schedule of all tranches and the cash sweep
mechanism, certain financial covenants will apply starting from January 1, 2020.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;This facility bears interest at LIBOR
plus a margin of 2.75% per annum.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;As of December 31, 2018, the outstanding
balance on this facility was $53,069.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;d)$24.5 Million Blue Ocean Credit
Facility&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;In connection with the Poseidon Transaction,
the Company assumed debt from the vessel owning company of Agios Dimitrios on the date of completion of the transaction of $24,231
with Blue Ocean Income Fund LP, Blue Ocean Onshore Fund LP, Blue Ocean Investments SPC One and Blue Ocean Investments SPC Three
( together, &amp;#8220;Blue Ocean&amp;#8221;). The agreement is dated August 11, 2017, with initial drawdown amount of $24,500 and final
maturity of December 31, 2020.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The facility has a following repayment
schedule along with a cash sweep clause, whereby the excess cash flows will be used against the outstanding balance on the facility
and will be specifically applied to the prepayment of the balloon instalment up to a specific amount. The facility is scheduled
to be repaid in four consecutive quarterly instalments of $650 starting from March 31, 2020 and a balloon payment of $21,900 payable
in December 31, 2020.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;This facility bears interest on $18,830
of principal at LIBOR plus a margin of 4.0% per annum.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;As of December 31, 2018, the outstanding
balance on this facility was $23,830.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&gt;&lt;b&gt;e)$65.3 Million ABN AMRO Credit Facility&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&gt;In connection with the Poseidon Transaction, the Company
assumed debt from the two vessel owning companies of Orca II and Katherine, on the date of completion of the transaction of $64,254
with ABN AMRO Bank N.V. The agreement is dated August 30, 2017, with initial drawdown amount of $65,300 and final maturity of December
31, 2020.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The facility has a following repayment
schedule along with a cash sweep clause, whereby the excess cash flows will be used against the outstanding balance on the facility
and will be specifically applied to the prepayment of the balloon instalment up to a specific amount. The facility is scheduled
to be repaid in four consecutive instalments in the amount of $1,125 starting from March 31, 2020 plus a balloon instalment of
$60,800 at the maturity date, December 31, 2020.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;This facility bears interest at LIBOR
plus a margin of 3.42% per annum up to March 31, 2019 and afterwards 3.50% per annum.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;As of December 31, 2018, the outstanding
balance on this facility was $62,189.&amp;#9;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;f)$17.1 Million Amsterdam Trade Bank
(&amp;#8220;ATB&amp;#8221;) Credit Facility&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;In connection with the Poseidon Transaction,
the Company assumed debt from THD Maritime Co. Limited, a holding company of the three vessel owning companies of Tasman, Dimitris
Y and Ian H, on the date of completion of the transaction of $17,100 with Amsterdam Trade Bank N.V. The agreement is dated October
9, 2018 with initial drawdown amount of $17,100 divided in three tranches of $5,700 each and final maturity of December 31, 2020.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The facility has a following repayment
schedule along with a cash sweep clause, whereby the excess cash flows will be used against the outstanding balance on the facility
and will be specifically applied to the prepayment of the balloon instalment up to a specific amount. Each Tranche is scheduled
to be repaid in four consecutive quarterly instalments of $110 each, with the first being due on March 31, 2020 and the final together
with a balloon payment of $5,260 on December 31, 2020.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;This facility bears interest at LIBOR
plus a margin of 3.90% per annum.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;As of December 31, 2018, the outstanding
balance on this facility was $17,100.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;g)$80.0 Million Credit Agricole Credit
Facility&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;In connection with the Poseidon Transaction,
the Company assumed debt from the three vessel owning companies of Alexandra, UASC Bubiyan and UASC Yas on the date of completion
of the transaction of $80,000 with Credit Agricole. The agreement is dated October 3, 2018, with initial drawdown amount of $80,000
and final maturity of June 30, 2020.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Facility shall be repaid in seven
equal quarterly instalments of $1,500 each, the first such instalment due three months from the utilization date, plus a final
balloon of $69,500 payable together with the last 7th instalment.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;This facility bears interest at LIBOR
plus a margin of 3.00% per annum for the first 6 months, 3.25% for the following 12 months and 3.50% thereafter payable quarterly
in arrears.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;As of December 31, 2018, the outstanding
balance on this facility was $80,000.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;h)$38.5 Million Blue Ocean Credit
Facility&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;In connection with the Poseidon Transaction,
the Company assumed debt from the three vessel owning companies of Alexandra, UASC Bubiyan and UASC Yas on the date of completion
of the transaction of $38,500 with Blue Ocean. The agreement is dated October 3, 2018, with initial drawdown amount of $38,500
and final maturity of October 3, 2023.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Facility is scheduled to be repaid
in one instalment at maturity date and bears interest at 10.0% fixed payable quarterly in arrears.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;As of December 31, 2018, the outstanding
balance on this facility was $38,500.&lt;/p&gt;

&lt;p style="font: 9pt/11.4pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;i)$180.5 Million Deutsche, CIT, Entrust
Credit Facility&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;In connection with the Poseidon Transaction,
the Company assumed debt from the three vessel owning companies of UASC Al Khor, Maira XL and Anthea Y on the date of completion
of the transaction of $180,500 with Deutsche Bank AG. The agreement is dated November 9, 2018, with initial drawdown amount of
$180,500 and final maturity of June 30, 2022.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On December 31, 2018, the Company entered
into a deed of amendment and restatement with the bank. Based on this restatement there was a re-tranche of the existing facility
such that it was split into a senior facility in an amount of $141,900 (&amp;#8220;Senior Facility&amp;#8221;) and a junior facility in
an amount of $38,600 (&amp;#8220;Junior Facility&amp;#8221;). The Lenders of the Senior Facility are Deutsche Bank AG and CIT Bank N.A
and the Lenders of the Junior Facility are Deutsche Bank AG, Blue Ocean Income Fund LP, Blue Ocean Onshore Fund LP, Entrustpermal
ICAV, Blue Ocean Investments SPC one and Blue Ocean Investments SPC for three. The final maturity of both Facilities (Senior and
Junior) will be June 30, 2022. In addition to the repayment schedule a cash sweep mechanism based on a DSCR ratio of 1.10:1 (DSCR
ratio is the ratio of Cash Flow to the Cash Flow Debt Service) will apply pro rata against the Senior Facility and the Junior Facility.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Senior Facility &lt;/u&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Senior Facility comprised of three
Tranches. Tranche A relates to Al Khor and is scheduled to be repaid in 14 instalments of $868, the first such instalment due three
months from the utilization date, and a final instalment of $35,148. Tranche B relates to Anthea Y and is scheduled to be repaid
in 14 instalments of $863, the first such instalment due three months from the utilization date, and a final instalment of $35,218.
Tranche C relates to Maira XL and is scheduled to be repaid in 14 instalments of $858, the first such instalment due three months
from the utilization date, and a final instalment of $35,288.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Senior Facility bears interest at
LIBOR plus 3.0% payable quarterly in arrears.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;As of December 31, 2018, the outstanding
balance on the Senior Facility was $141,900.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Junior Facility &lt;/u&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Junior Facility comprised of three
Tranches. Tranche A relates to Al Khor and is scheduled to be repaid in 14 instalments of $236, the first such instalment due three
months from the utilization date, and a final instalment of $9,563. Tranche B relates to Anthea Y and is scheduled to be repaid
in 14 instalments of $235, the first such instalment due three months from the utilization date, and a final instalment of $9,577.
Tranche C relates to Maira XL and is scheduled to be repaid in 14 instalments of $233, the first such instalment due three months
from the utilization date, and a final instalment of $9,604.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Junior Facility bears interest at
LIBOR plus 10.0% payable quarterly in arrears.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;As of December 31, 2018, the outstanding
balance on the Junior Facility was $38,600.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;j)$54.8 Million Citi Credit Facility&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On October 26, 2017, and in connection with
the 2022 Notes, the Company entered into a new $54,800 loan with Citibank N.A. The loan was drawn down in full on October 31, 2017
and matures no later than October 31, 2020. The interest rate is USD LIBOR plus a margin of 3.25% and is payable at least quarterly.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Amortization, which may be increased as described
in note 11(a) above, is payable semi-annually and is a minimum of $20,000 in each of the first and second years with the balance
to be repaid in the third year.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The collateral provided to the 2022 Notes also
secures on a first priority basis the Citi Credit Facility. The Company is required to have a minimum cash balance of $20,000 on
each test date, being March 31, June 30, September 30 and December 31 in each year.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2018, the outstanding balance
on this facility was $34,800.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;k)$65.0 Million Hayfin Credit Facility&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On September&amp;#160;7, 2018, the Company
and certain subsidiaries entered into a facility agreement with Hayfin Services LLP (the &amp;#8220;Lenders&amp;#8221;) which provides
for a secured term loan facility of up to $65,000. The Hayfin Credit Facility is to be borrowed in tranches and is to be used in
connection with the acquisition of vessels as specified in the Hayfin Credit Facility or as otherwise agreed with the Lenders.
Hayfin Credit Facility, which is non-amortizing, is available for drawing until May&amp;#160;10, 2019 and has a final maturity date
of July&amp;#160;16, 2022. The interest rate is USD LIBOR plus a margin of 5.5% and is payable at each quarter end date. A commitment
fee of 2.0% per annum is due on the undrawn commitments until May&amp;#160;10, 2019.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Any debt drawn under the Hayfin Credit
Facility will be secured by first priority ship mortgage on the acquired vessel (the &amp;#8220;Facility Mortgaged Vessel&amp;#8221;) and
by assignments of earnings and insurances, pledges over certain bank accounts, as well as share pledges over each subsidiary owning
a Facility Mortgaged Vessel. In addition, the Hayfin Credit Facility is fully and unconditionally guaranteed, jointly and severally,
by the Company, GSL Holdings, Inc. and Facility Mortgaged Vessel owning subsidiaries. An initial tranche of $8,125 was drawn on
September&amp;#160;10, 2018 in connection with the acquisition of the GSL Valerie. Any future tranche cannot exceed 65% of the charter
free market value of the vessel to be acquired. The Company is required to have a minimum cash balance of $20,000, on a consolidated
basis, on each test date, being March&amp;#160;31, June&amp;#160;30, September&amp;#160;30 and December&amp;#160;31 in each year. The Company is
also required to hold, at all times, a cash balance of $500 per Facility Mortgaged Vessel and a reserve for dry docking costs of
the Facility Mortgaged Vessels; these are both shown in the Balance Sheets as Restricted Cash.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;As of December 31, 2018, the outstanding
balance of this facility was $8,125.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;l)$14.35 Million DVB Argos Credit
Facility&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On November 14, 2018, the vessel owning
company of Argos entered into a deed of amendment and restatement of a loan agreement on a $14,300 facility with DVB Bank. This
facility was fully repaid on December 19, 2018 following the sale of Argos.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-align: justify"&gt;&lt;b&gt;m)Repayment Schedule&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-align: justify"&gt;Maturities of long - term debt for the
years subsequent to December 31, 2018 are as follows:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Payment due by period ended&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; width: 78%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;2019&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;64,088&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;2020&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;330,033&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;2021&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;48,176&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;2022&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;408,379&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;2023&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;38,500&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;889,176&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;n)Deferred Financing Costs&lt;/b&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;December&amp;#160;31,&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December&amp;#160;31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: top; width: 71%; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Opening balance&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 3%; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 3%; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 9%; border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;12,818&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 1%; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 1%; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 3%; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 9%; border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;7,100&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: top; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Expenditure in the period&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;307&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;13,177&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: top; border-bottom: white 1pt solid; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Amortization included within interest expense&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(3,826&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 9pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(7,459)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: top; border-bottom: white 2.25pt double; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Closing balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 2.25pt double; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;9,299&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;12,818&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Costs amounting to $307 were incurred
in connection with the Hayfin Credit Facility for the acquisition of GSL Valerie. These are being amortized on an effective interest
rate basis over the life of the financings for which they were incurred. In addition, fees amounting to $2,055 were incurred in
connection with the above mentioned loan and the unamortized balance is presented within &amp;#8220;Other non - current assets&amp;#8221;.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;o)Debt covenants - securities&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Amounts drawn under the facilities listed above
are secured by first priority mortgages on the Company&amp;#8217;s vessels and other collateral. The majority of the credit facilities
contain a number of restrictive covenants that limit the Company from, among other things: incurring or guaranteeing indebtedness;
charging, pledging or encumbering the vessels; changing the flag, class, management or ownership of the vessel owning entities.
The credit facilities also require the vessels to comply with the ISM Code and ISPS Code and to maintain valid safety management
certificates and documents of compliance at all times. Additionally, specific credit facilities require compliance with a number
of financial covenants including debt ratios and minimum liquidity and corporate guarantor requirements. Among other events, it
will be an event of default under the credit facilities if the financial covenants are not complied with.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;As of December 31, 2018 and 2017, the Company was in compliance with
its debt covenants.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;</us-gaap:LongTermDebtTextBlock>
    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;13. Related Party Transactions&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;CMA CGM is presented as a related party
due to the fact that on December 31, 2018, 2017 and 2016 it was a significant shareholder of the Company, owning Class A and Class
B common shares representing 15.55%, 44.4% and 44.4%, respectively of voting rights in the Company. Amounts due to and from CMA
CGM companies are shown within amounts due to or from related parties in the Consolidated Balance Sheets.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Time Charter Agreements&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;A number of the Company&amp;#8217;s time
charter arrangements are with CMA CGM. Under these time charters, hire is payable in advance and the daily rate is fixed for the
duration of the charter. Revenues generated from charters to CMA CGM are shown separately in the Consolidated Statements of Income.
The outstanding receivables due from CMA CGM are presented in the Consolidated Balance Sheets under &amp;#34;Due from related parties&amp;#34;
totaling $817 and $1,932 as of December&amp;#160;31, 2018 and 2017, respectively.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Ship Management Agreements&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Technomar Shipping Inc. (&amp;#8220;Technomar&amp;#8221;)
is presented as a related party, as the Company&amp;#8217;s Executive Chairman is a significant shareholder. The Company has a number
of ship management agreements with Technomar under which the ship manager is responsible for all day-to-day ship management, including
crewing, purchasing stores, lubricating oils and spare parts, paying wages, pensions and insurance for the crew, and organizing
other vessel operating necessities, including the arrangement and management of drydocking. For the 19 vessels of Poseidon Fleet,
the ship management agreements were effective at the date of the completion of the Poseidon Transaction, while for the GSL Fleet,
the agreements will be effective upon the transfer of management of each vessel to Technomar.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;At December 31, 2018, the Company outsourced
day-to-day technical management of seven of its vessels in the GSL Fleet to CMA Ships Limited (&amp;#8220;CMA Ships&amp;#8221;), a wholly
owned subsidiary of CMA CGM. The Company pays CMA Ships an annual management fee of $123 per vessel (2017: $123, 2016: $123) and
reimburses costs incurred by CMA Ships on its behalf, mainly being for the provision of crew, lubricating oils and routine maintenance.
Such reimbursement is subject to a cap per day per vessel, depending on the vessel. The impact of the cap is determined annually
on a vessel by vessel basis for so long as the initial charters remain in place; no claims have been made under the cap agreement.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The management fees charged to the Company
by Technomar and CMA Ships for the year ended December 31, 2018 amounted to $722 and $967, respectively (2017: CMA Ships-$1,599)
and are shown in vessel operating expenses-related parties in the Consolidated Statements of Income. As of December 31, 2018, these
outstanding fees due to Technomar and CMA Ships are presented in the Consolidated Balance Sheets under &amp;#34;Due to related parties&amp;#34;
totaling $1,362 and $1,829 respectively (2017: CMA Ships-$2,813).&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Conchart Commercial Inc. (&amp;#8220;Conchart&amp;#8221;)
provides commercial management services to the Company and is presented as a related party, as the Company&amp;#8217;s Executive Chairman
is a significant shareholder. Under the management agreements, Conchart, is responsible for (i) marketing of the Company&amp;#8217;s
vessels, (ii) seeking and negotiating employment of the Company&amp;#8217;s vessels, (iii) advise the Company on market developments,
developments of new rules and regulations, (iv) assisting in calculation of hires, freights, demurrage and/or dispatch monies
and collection any sums related to the operation of vessels, (v) communicating with agents, and (vi) negotiating sale and purchase
transactions. For the 19 vessels of Poseidon Fleet, the agreements were effective from the date of the completion of the Poseidon
Transaction; for the GSL Fleet, the agreements will come into effect when new charters are entered into and applied to two vessels
during 2018.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The fees charged to the Company by Conchart
for the year ended December 31, 2018 amounted to $222 and are disclosed within time charter and voyage costs &amp;#8211; related parties
in the Consolidated Statements of Income.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;These outstanding fees due to Conchart
are presented in the Consolidated Balance Sheets under &amp;#34;Due to related parties&amp;#34; totaling $126 and $nil as of December&amp;#160;31,
2018 and 2017, respectively.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
    <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;15. Share Capital&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 4pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On March 25, 2019, the Company effected
a one-for-eight reverse stock split of the Company&amp;#8217;s issued Class A common shares (Note 1). The reverse stock split ratio
and the implementation and timing of the reverse stock split were determined by the Company&amp;#8217;s Board of Directors, following
approval of shareholders at a Special Meeting on March 20, 2019. The reverse stock split did not change the authorized number of
shares or par value of the Company&amp;#8217;s common shares.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;At December 31, 2018, the Company had
two classes of common shares. The rights of holders of Class B common shares were identical to those of holders of Class A common
shares, except that the dividend rights of holders of Class B common shares were subordinated to those of holders of Class A common
shares. As a consequence of the completion of the Poseidon Transaction, the outstanding shares of Class B common shares converted
to Class A common shares on a one-for-one basis on January 2, 2019 and were also retrospectively adjusted for the one-for-eight
reverse stock split.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On completion of the Poseidon Transaction
on November 15, 2018, the Company issued 3,005,603 Class A common shares and 250,000 new Series C Preferred Shares of par value
$0.01. Each Series C Preferred Share carries 38.75 votes and are convertible in certain circumstances to a total of 12,955,187
Class A common shares. They are entitled to a dividend only should such a dividend be declared on the Class A common shares. As
a consequence of the completion of the Poseidon Transaction, all outstanding restricted stock units vested on November 15, 2018
and as a result a total of 60,425 Class A common shares were also issued.&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;On August
20, 2014, the Company issued 1,400,000 depositary shares, each of which represents 1/100&lt;/font&gt;&lt;font style="font-size: 8pt"&gt;&lt;sup&gt;th&lt;/sup&gt;&lt;/font&gt;
&lt;font style="font-size: 9pt"&gt;of one share of the Company&amp;#8217;s 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares
(the &amp;#8220;Series B Preferred Shares&amp;#8221;). The net proceeds from the offering were $33,497. Dividends are payable at 8.75%
per annum in arrears on a quarterly basis.&amp;#160;&amp;#160;At any time after August 20, 2019 (or within 180 days after the occurrence
of a fundamental change), the Series B Preferred Shares may be redeemed, at the discretion of the Company, in whole or in part,
at a redemption price of $2,500.00 per share (equivalent to $25.00 per depositary share). These shares are classified as Equity
in the Consolidated Balance Sheets. The dividends payable on the Series B Preferred Shares are presented as a reduction of Retained
Earnings in the Consolidated Statements of Equity, when and if declared by the Board of Directors. An initial dividend was declared
on September 22, 2014 for the third quarter 2014. Subsequent dividends have been declared for all quarters.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Restricted stock units have been granted
periodically to the Directors and management, under the Company&amp;#8217;s Equity Incentive Plans, as part of their compensation arrangements
(see note 16). During each of the years ended December&amp;#160;31, 2017 and 2016, 4,266 Class A common shares were issued under the
2015 Plan, representing 20% of directors&amp;#8217; base fee for 2017 and 2016, respectively. The number of shares to be issued was
determined on the basis of a notional value per share of $32.00 rather than market values.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
    <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;16. Share - Based Compensation&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;In August 2015, the Company&amp;#8217;s
Board adopted the 2015 Equity Incentive Plan (the &amp;#8220;2015 Plan&amp;#8221;), which enabled management, consultants and Directors
of the Company and its subsidiaries to receive options, stock appreciation rights, stock grants, stock units and dividend equivalents.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Under the 2015 Plan, restricted stock
units were granted to four members of management on March 3, 2016 and were divided into two tranches. The first tranche (12,500
restricted stock units) would vest when the individual left employment, provided that this was after December 31, 2016 and was
not for cause. The second tranche (12,500 restricted stock units) also vested after December 31, 2016 on the same terms, but, in
addition, only if and when the stock price had been at or above $40.00 for 20 consecutive trading days and provided that this had
occurred before December 31, 2019.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Restricted stock units were granted
to five members of management on January&amp;#160;8, 2018 under the 2015 Plan, as part of their 2017 remuneration, divided into two
tranches. The first tranche (12,500 restricted stock units) would vest when the individual left employment, provided that this
was after March&amp;#160;31, 2018 and was not for cause. The second tranche (12,500 restricted stock units) would also vests after
March&amp;#160;31, 2018 on the same terms, but, in addition, only if and when the share price had been at or above $24.00 for 20 consecutive
trading days and provided that this had occurred before December&amp;#160;31, 2020.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Restricted stock units were granted
to five members of management on March&amp;#160;1, 2018 under the 2015 Plan, as part of their 2018 remuneration, divided into two tranches.
The first tranche (12,500 restricted stock units) would vest when the individual leaves employment, provided that this was after
March&amp;#160;31, 2019 and was not for cause. The second tranche (12,500 restricted stock units) would also vests after March&amp;#160;31,
2019 on the same terms, but, in addition, only if and when the share price had been at or above $24.00 for 20 consecutive trading
days and provided that this had occurred before December&amp;#160;31, 2021.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;No restricted stock units were granted
during 2017.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;As a consequence of the completion of
the Poseidon Transaction, all outstanding restricted stock units vested on November 15, 2018 and as a result a total of 60,425
Class A common shares were issued.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On February 4, 2019, the 2019 Omnibus
Incentive Plan (the &amp;#8220;2019 Plan&amp;#8221;) was adopted, and the 2015 Plan and its predecessor plan from 2008 were terminated.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The 2019 Plan is administered by the
compensation committee of the Board. The maximum aggregate number of Class&amp;#160;A common shares that may be delivered pursuant
to awards granted under the 2019 Plan during its 10-year term is 1,812,500. The maximum number of Class&amp;#160;A common shares with
respect to which awards may be granted to any non-employee director in any one calendar year is 12,500 shares or $100,000. No awards
have been made under the 2019 Plan.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Share based awards since January&amp;#160;1,
2016, are summarized as follows:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td colspan="2" style="border-bottom: white 1pt solid; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: white 1pt solid; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="15" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Restricted Stock Units&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: white; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="7" style="vertical-align: bottom; background-color: white; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Number of Units&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: white; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Management&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: white; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Directors&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: white"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Weighted&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Average&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Fair Value&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;on Grant&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Date&lt;/p&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Actual&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Fair&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Value on&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Vesting&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Date&lt;/p&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Unvested as at January 1, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;37,500&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;26.00&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;n/a&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Granted in March 3, 2016&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;25,000&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;9.44&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;n/a&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Unvested as at December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;62,500&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;19,36&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;n/a&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Granted in 2017&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;n/a&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Unvested as at December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;62,500&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;19.36&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;n/a&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Granted in January 8, 2018&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;25,000&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;9.28&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;n/a&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Granted in March 1, 2018&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;25,000&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;9.04&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;n/a&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Vested on November 15, 2018&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(112,500&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;n/a&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;7.92&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Unvested as at December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="width: 45%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 12%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 8%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 8%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 10%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Using the graded vesting method of expensing
the restricted stock unit grants, the weighted average fair value of the stock units is recognized as compensation costs in the
Consolidated Statements of Income over the vesting period. The fair value of the restricted stock units for this purpose is calculated
by multiplying the number of stock units by the fair value of the shares at the grant date, which is discounted for dividends forfeited
over the vesting period. The Company has not factored any anticipated forfeiture into these calculations based on the limited number
of participants.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On November 15, 2018, as a consequence
of the completion of the Poseidon Transaction, all 112,500 unvested restricted stock units vested and as a result, 60,425 Class
A common shares were issued, with the balance being retained by the Company to fund individual&amp;#8217;s personal tax liabilities
under UK tax legislation, based on a fair value per share of $7.92.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;During each of the years ended December
31, 2017 and 2016, 4,266 shares were issued under the 2015 Plan, representing 20% of directors&amp;#8217; base fee for 2017 and 2016
respectively. The number of shares to be issued was determined based on a notional value per share of $32.00 rather than market
values.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;During the year ended December 31,
2018, the company recognized a total of $50 (2017: $272, 2016: $283) in respect of stock based compensation.&lt;/p&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
    <us-gaap:EarningsPerShareTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;b&gt;17.Earnings/(loss) &lt;font style="font: 9pt Times New Roman, Times, Serif"&gt;per
Share &lt;/font&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Basic earnings/(loss) per common share
is presented under the two-class method and is computed by dividing the earnings/(loss) available to common shareholders by the
weighted average number of common shares outstanding for the period.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Under the two-class method, net income/(loss),
if any, is first reduced by the amount of dividends declared in respect of common shares for the current period, if any, and the
remaining earnings are allocated to common shares and participating securities to the extent that each security can share the earnings
assuming all earnings for the period are distributed. The Class B common shareholders&amp;#8217; dividend rights are subordinated to
those of holders of Class A common shares (see note 15). Net income/(loss) for the relevant period is allocated based on the contractual
rights of each class of security and as there was insufficient net income to allow any dividend on the Class B common shares no
earnings were allocated to Class B common shares. The net loss allocated to Class A and Series C share was based on an as converted
basis utilizing the two-class method.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Losses are only allocated to participating
securities in a period of net loss if, based on the contractual terms, the relevant common shareholders have an obligation to participate
in such losses. No such obligation exists for Class B common shareholders and, accordingly, losses would only be allocated to the
Class A common shareholders and Series C preferred shareholders. Net loss should only be allocated to Class A common shareholders
and Series C preferred shareholders.&lt;/p&gt;

&lt;p style="margin: 0"&gt;At December 31, 2018, there were no unvested awards under any of the Company&amp;#8217;s incentive Plans. As at
December 31, 2017, there were 62,500 restricted stock units granted and unvested as part of management&amp;#8217;s equity incentive
plan. As of December 31, 2018, only Class A and B common shares and Series C preferred shares were participating securities.&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&lt;i&gt;Numerator:&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 4%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Net loss attributable to common shareholders&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(60,426)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(77,328)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(68,157)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Undistributed loss attributable to Series C participating preferred shares&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;12,110&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 1in"&gt;&amp;#8212;&lt;/p&gt;
        &lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Net loss available to common shareholders, basic and diluted&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(48,316)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(77,328)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(68,157)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Net Loss available to:&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Class A, basic and diluted&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(48,316)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(77,328)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(68,157)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Class B, basic and diluted&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 18pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&lt;i&gt;Denominator:&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Class A Common shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Basic weighted average number of common shares outstanding &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;6,514,390&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;5,946,986&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;5,944,294&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Weighted average number of RSUs without service conditions &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;50,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;37,500&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Common share and common share equivalents, basic and diluted&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;6,514,390&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;5,996,986&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;5,981,794&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Class B Common shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Basic weighted average number of common shares outstanding&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;925,745&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;925,745&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;925,745&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Common shares, basic and diluted&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;925,745&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;925,745&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;925,745&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Basic and diluted common loss per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Class A &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(7.42)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(12.89)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(11.39)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Class B&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Series C Preferred Shares-basic and diluted loss per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Undistributed loss attributable to Series C participating preferred shares&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(12,110)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Basic and diluted weighted average number of Series C Preferred shares outstanding, as converted&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;1,632,709&lt;/p&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#8212;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#8212;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Basic and diluted loss per share&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(7.42)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt;</us-gaap:EarningsPerShareTextBlock>
    <us-gaap:SubsequentEventsTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;18. Subsequent events&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On January 2, 2019, as a consequence
of completing the Poseidon Transaction, all outstanding Class B common shares converted one-for-one to Class A common shares.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On February 4, 2019, the 2019 Omnibus
Incentive Plan was adopted and the 2015 Plan and 2008 Plan were terminated (see note 16).&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On February 28, 2019, a dividend of
$0.546875 per Series B Preferred Share was announced for the first quarter 2019.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On March 25, 2019, the Company effected
a one-for-eight reverse stock split of its Class A common shares, which was authorized at a special meeting of shareholders held
on March 20, 2019. There was no change to the trading symbol, number of authorized shares, or par value of the Class A common shares
in connection with the reverse stock split. All share and per share amounts disclosed in these financial statements give effect
to the reverse stock split retroactively, for all periods presented, which resulted in the number of issued and outstanding common
shares reducing from 79,543,921 as at December 31, 2018 to 9,942,950.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;</us-gaap:SubsequentEventsTextBlock>
    <us-gaap:UseOfEstimates contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(c)Use of Estimates&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The preparation of consolidated financial
statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates
under different assumptions and/or conditions.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;</us-gaap:UseOfEstimates>
    <us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(d)Cash and cash equivalents&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Cash and cash equivalents include cash
in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months
or less.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
    <us-gaap:TradeAndOtherAccountsReceivablePolicy contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(h)Accounts receivable, net&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company carries its accounts receivable at cost less, if appropriate, an allowance for doubtful accounts,
based on a periodic review of accounts receivable, taking into account past write-offs, collections and current credit conditions.
The Company does not generally charge interest on past-due accounts. Allowances for doubtful accounts amount to $ nil as of December
31, 2018 (2017: $ nil).&amp;#160;&amp;#160;&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:TradeAndOtherAccountsReceivablePolicy>
    <gsl:PreferredSharesPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(n)Preferred shares&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Series B Preferred Shares have
been included within Equity in the Consolidated Balance Sheets, from their issue in August 2014, and the dividends are presented
as a reduction of Retained Earnings or addition to Accumulated Deficit in the Consolidated Statements of Shareholders&amp;#8217; Equity
as their nature is similar to that of an equity instrument rather than a liability. Holders of these redeemable perpetual preferred
shares, which may only be redeemed at the discretion of the Company, are entitled to receive a dividend equal to 8.75% on the
original issue price and rank senior to the common shares with respect to dividend rights and rights upon liquidation, dissolution
or winding up of the Company&lt;font style="color: red"&gt;.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Series C Preferred Shares have been
included within Equity in the Consolidated Balance Sheets, from their issue on November 15, 2018. The Class C Preferred Shares
are convertible in certain circumstances to Class A common shares and they are entitled to a dividend only should such a dividend
be declared on the Class A common shares.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</gsl:PreferredSharesPolicyTextBlock>
    <us-gaap:RevenueRecognitionPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(p)Revenue recognition and related
expense&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company charters out its vessels
on time charters which involves placing a vessel at a charterer&amp;#8217;s disposal for a specified period of time during which the
charterer uses the vessel in return for the payment of a specified daily hire rate. Such charters are accounted for as operating
leases and therefore revenue is recognized on a straight-line basis as the average revenues over the rental periods of such charter
agreements, as service is performed. Cash received in excess of earned revenue is recorded as deferred revenue. If a time charter
contains one or more consecutive option periods, then subject to the options being exercisable solely by the Company, the time
charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter, including any options
which are more likely than not to be exercised. Any difference between the charter rate invoiced and the time charter revenue
recognized is classified as, or released from, deferred revenue within the Consolidated Balance Sheets.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"&gt;Revenues are recorded net of address
commissions, which represent a discount provided directly to the charterer based on a fixed percentage of the agreed upon charter
rate.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Charter revenue received in advance
which relates to the period after a balance sheet date is recorded as deferred revenue within current liabilities until the respective
charter services are rendered.&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Under time charter arrangements the
Company, as owner, is responsible for all the operating expenses of the vessels, such as crew costs, insurance, repairs and maintenance,
and such costs are expensed as incurred and are included in vessel operating expenses.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Commission paid to brokers to facilitate
the agreement of a new charter are included in time charter and voyage expenses as are certain expenses related to a voyage, such
as the costs of bunker fuel consumed when a vessel is off-hire or idle.&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
    <us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(q)Foreign currency transactions&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s functional currency is the
U.S. dollar as substantially all revenues and a majority of expenditures are denominated in U.S. dollars. Monetary assets and liabilities
denominated in foreign currencies are translated at the rate of exchange at the balance sheet dates. Expenses paid in foreign currencies
are recorded at the rate of exchange at the transaction date. Exchange gains and losses are included in the determination of net
income (loss).&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
    <us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Vessel Cost,&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;as adjusted for &lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Accumulated&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Net Book&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;impairment charges&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Depreciation &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;As of January 1, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;916,809&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(209,481)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;707,328&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;310&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;310&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Depreciation &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(33,494)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(33,494)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Impairment loss&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(182,585)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;94,961&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(87,624)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;As of December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;734,534&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(148,014)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;586,520&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;11,675&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;11,675&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Acquisitions through the Poseidon Transaction&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;617,522&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;617,522&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Depreciation &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(31,117)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(31,117)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Impairment loss&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(139,354)&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;67,520&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(71,834)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;As of December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;1,224,377&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(111,611)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;1,112,766&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>
    <us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 11pt; color: teal"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December&amp;#160;31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December&amp;#160;31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Opening balance&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;700 &lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 12%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;937 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="border-bottom: white 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Additions through the Poseidon Transaction&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,404 &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Amortization in the year&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(704)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(237)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Closing balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;5,400&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;700&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock>
    <gsl:ScheduleOfIntangibleLiabilitiesCharterAgreementsTableTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December&amp;#160;31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December&amp;#160;31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Opening balance&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,482 &lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;12,527 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="border-bottom: white 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Amortization in period&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,012)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,045)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Closing balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;8,470&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;10,482&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</gsl:ScheduleOfIntangibleLiabilitiesCharterAgreementsTableTextBlock>
    <us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&lt;u&gt;Facilities&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; width: 70%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;2022 Notes&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;360,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;360,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less repurchase of Notes&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(20,000)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less original issue discount &lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(3,600)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(3,600)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Accumulated amortization of original issue discount&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;941&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;133&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2022 Notes (a)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;337,341&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;356,533&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - DVB Credit Facility (b)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;51,063&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - Credit Agricole Credit Facility (c)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;53,069&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - Blue Ocean Credit Facility (d)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;23,830&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - ABN-AMRO Credit Facility (e)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;62,189&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - ATB Credit Facility (f)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;17,100&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - Credit Agricole Credit Facility (g)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;80,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - Blue Ocean Credit Facility (h)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;38,500&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon - Deutsche, CIT, Entrust Credit Facility (i)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;180,500&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Citi Credit Facility (j) &lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;34,800&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;54,800&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Hayfin Credit Facility (k)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;8,125&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Deferred financing costs (n)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(9,299)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(12,818)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;877,218&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;398,515&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of 2022 Notes (a)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(20,000)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of Poseidon - DVB Credit Facility (b)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(2,231)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of Poseidon - Credit Agricole Credit Facility (c)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(405)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of Poseidon - ABN - AMRO Credit Facility (e)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(129)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of Poseidon - ATB Credit Facility (f)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(1,628)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of Poseidon - Credit Agricole Credit Facility (g)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(6,000)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of Poseidon - Deutsche, CIT, Entrust Credit Facility (i)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(13,695)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less: Current portion of Citi Credit Facility (j)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(20,000)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(40,000)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Non - current portion of Long-Term Debt&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;813,130&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;358,515&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
    <us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Payment due by period ended&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; width: 78%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;2019&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;64,088&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;2020&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;330,033&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;2021&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;48,176&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;2022&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;408,379&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;2023&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;38,500&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;889,176&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
    <gsl:ScheduleOfDeferredFinancingCostsTableTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;December&amp;#160;31,&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December&amp;#160;31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: top; width: 71%; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Opening balance&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 3%; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 3%; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;12,818&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 1%; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 1%; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 3%; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 9%; border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;7,100&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: top; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Expenditure in the period&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;307&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;13,177&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: top; border-bottom: white 1pt solid; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Amortization included within interest expense&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(3,826&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 9pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(7,459)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: top; border-bottom: white 2.25pt double; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Closing balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 2.25pt double; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;9,299&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;12,818&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</gsl:ScheduleOfDeferredFinancingCostsTableTextBlock>
    <us-gaap:ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td colspan="2" style="border-bottom: white 1pt solid; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: white 1pt solid; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="15" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Restricted Stock Units&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: white; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="7" style="vertical-align: bottom; background-color: white; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Number of Units&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: white; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Management&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: white; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Directors&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: white"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Weighted&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Average&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Fair Value&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;on Grant&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Date&lt;/p&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Actual&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Fair&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Value on&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Vesting&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Date&lt;/p&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Unvested as at January 1, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;37,500&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;26.00&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;n/a&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Granted in March 3, 2016&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;25,000&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;9.44&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;n/a&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Unvested as at December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;62,500&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;19,36&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;n/a&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Granted in 2017&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;n/a&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Unvested as at December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;62,500&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;19.36&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;n/a&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Granted in January 8, 2018&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;25,000&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;9.28&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;n/a&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Granted in March 1, 2018&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;25,000&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;9.04&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;n/a&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Vested on November 15, 2018&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(112,500&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;n/a&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 1pt solid; background-color: white; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;7.92&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Unvested as at December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: white 2.25pt double; background-color: #CFF0FC; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: #CFF0FC; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock>
    <us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 52%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&lt;i&gt;Numerator:&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Net loss attributable to common shareholders&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(60,426)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(77,328)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(68,157)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Undistributed loss attributable to Series C participating preferred shares&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;12,110&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 1in"&gt;&amp;#8212;&lt;/p&gt;
        &lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Net loss available to common shareholders, basic and diluted&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(48,316)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(77,328)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(68,157)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Net Loss available to:&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Class A, basic and diluted&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(48,316)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(77,328)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(68,157)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Class B, basic and diluted&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 18pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&lt;i&gt;Denominator:&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Class A Common shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Basic weighted average number of common shares outstanding &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;6,514,390&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;5,946,986&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;5,944,294&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Weighted average number of RSUs without service conditions &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;50,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;37,500&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Common share and common share equivalents, basic and diluted&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;6,514,390&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;5,996,986&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;5,981,794&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Class B Common shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Basic weighted average number of common shares outstanding&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;925,745&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;925,745&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;925,745&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Common shares, basic and diluted&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;925,745&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;925,745&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;925,745&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Basic and diluted common loss per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Class A &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(7.42)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(12.89)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(11.39)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Class B&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Series C Preferred Shares-basic and diluted loss per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Undistributed loss attributable to Series C participating preferred shares&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(12,110)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Basic and diluted weighted average number of Series C Preferred shares outstanding, as converted&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;1,632,709&lt;/p&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#8212;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#8212;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Basic and diluted loss per share&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(7.42)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


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    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2018-12-31_custom_DVBCreditFacility52.6MillionMember_custom_TrancheDMember" decimals="-3" unitRef="U_iso4217USD">31500000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
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    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2018-12-31_custom_ABNAMROCreditFacility65.3MillionMember" decimals="-3" unitRef="U_iso4217USD">60800000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2018-12-31_custom_AmsterdamTradeBankATB17.1MillionMember_custom_EachTrancheMember" decimals="-3" unitRef="U_iso4217USD">5260000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2018-12-31_custom_CreditAgricoleCreditFacility80MillionMember" decimals="-3" unitRef="U_iso4217USD">69500000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2018-12-31_custom_SeniorFacilityMember_custom_TrancheAMember" decimals="-3" unitRef="U_iso4217USD">35148000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2018-12-31_custom_JuniorFacilityMember_custom_TrancheCMember" decimals="-3" unitRef="U_iso4217USD">9604000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2018-12-31_custom_SeniorFacilityMember_custom_TrancheBMember" decimals="-3" unitRef="U_iso4217USD">35218000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2018-12-31_custom_TrancheCMember_custom_SeniorFacilityMember" decimals="-3" unitRef="U_iso4217USD">35288000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2018-12-31_custom_JuniorFacilityMember_custom_TrancheAMember" decimals="-3" unitRef="U_iso4217USD">9563000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2018-12-31_custom_JuniorFacilityMember_custom_TrancheBMember" decimals="-3" unitRef="U_iso4217USD">9577000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="From2018-01-01to2018-12-31_custom_CitiCreditFacility54.8MillionMember">LIBOR plus a margin</us-gaap:LineOfCreditFacilityInterestRateDescription>
    <us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="From2018-01-01to2018-12-31_custom_CreditAgricoleCreditFacility55.7MillionMember">LIBOR plus a margin</us-gaap:LineOfCreditFacilityInterestRateDescription>
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    <us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(a)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Basis of Presentation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The accompanying consolidated financial
statements are prepared in accordance with United States Generally Accepted Accounting Principles (&amp;#8220;U.S. GAAP&amp;#8221;). Certain
comparative figures have been reclassified to conform to changes in presentation in the current year.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;Adoption of new accounting standards&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On January&amp;#160;1, 2018, the Company
adopted ASU&amp;#160;No.&amp;#160;2014-09,&amp;#160;&amp;#8220;Revenue from Contracts with Customers&amp;#8221; and the related amendments (&amp;#8220;ASC
606&amp;#8221; or &amp;#8220;the new revenue standard&amp;#8221;) using the modified retrospective method, requiring the Company to recognize
the cumulative effect of adopting this guidance as an adjustment to the 2018 opening balance of retained earnings and not retrospectively
adjusting prior periods. Under the new guidance, there is a five-step model to apply to revenue recognition. The five-steps consist
of: (1)&amp;#160;determination of whether a contract, an agreement between two or more parties that creates legally enforceable rights
and obligations, exists; (2)&amp;#160;identification of the performance obligations in the contract; (3)&amp;#160;determination of the
transaction price; (4)&amp;#160;allocation of the transaction price to the performance obligations in the contract; and (5)&amp;#160;recognition
of revenue when (or as) the performance obligation is satisfied. The adoption of this standard did not have any effect on the retained
earnings or on the financial results for year ended December 31, 2018 of the Company since all the Company&amp;#8217;s vessels generated
revenues from time charter agreements. The Company expects the impact of the adoption of the new revenue standard to be immaterial
to its net income on an ongoing basis.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On January&amp;#160;1, 2018, the Company
adopted ASU&amp;#160;2016-18,&amp;#160;&amp;#8220;Restricted Cash&amp;#8221; (&amp;#8220;ASU&amp;#160;2016-18&amp;#8221;),&amp;#160;which&amp;#160;updated ASC Topic
230,&amp;#160;&amp;#8220;Statement of Cash Flows.&amp;#8221; ASU&amp;#160;2016-18&amp;#160;required companies to include restricted cash and restricted
cash equivalents with cash and cash equivalents when reconciling the&amp;#160;beginning-of-period&amp;#160;and&amp;#160;end-of-period&amp;#160;total
amounts shown on the statement of cash flows. The recognition and measurement guidance for restricted cash is not affected. The
Company applied this guidance retrospectively to all prior periods presented in the Company&amp;#8217;s financial statements. The reclassification
of restricted cash in the statements of cash flows does not impact net income as previously reported or any prior amounts reported
on the statements of comprehensive income, or balance sheets. There was no effect of the retrospective application of this change
in accounting principle on the Company&amp;#8217;s statements of cash flows, as the Company did not have restricted cash for the years
ended December 31, 2017 or December 31, 2016.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On January&amp;#160;1, 2018,&amp;#160;the Company
adopted ASU 2016-15, &amp;#34;Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments&amp;#34; (&amp;#34;ASU
2016-15&amp;#34;). The FASB issued ASU&amp;#160;2016-15 to decrease the diversity in practice in how certain cash receipts and cash payments
are presented and classified in the statements of cash flows. The amendments in this update provide guidance on eight specific
cash flow issues. The effect of the retrospective application of this change in accounting principle on the Company&amp;#8217;s statements
of cash flows for the years ended December 31, 2017 and 2016 resulted in an increase in net cash provided by operating activities
of $9,047 and $533, respectively and an increase in net cash used in financing activities of $9,047 and $533, respectively.&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Counterparty risk&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify"&gt;The majority of the Company&amp;#8217;s revenues
are derived from charters to CMA CGM. The Company is consequently highly dependent on the performance by CMA CGM of its obligations
under these charters. The container shipping industry is volatile and is currently experiencing a sustained cyclical downturn.
Many container shipping companies have reported financial losses.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify"&gt;If CMA CGM ceases doing business or fails
to perform its obligations under the charters, the Company&amp;#8217;s business, financial position and results of operations would
be materially adversely affected as it is probable that, even if the Company was able to find replacement charters, such replacement
charters would be at significantly lower daily rates and shorter durations. If such events occur, there would be significant uncertainty
about the Company&amp;#8217;s ability to continue as a going concern.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify"&gt;These consolidated financial statements
have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in
the normal course of business. The consolidated financial statements do not include any adjustments relating to the recoverability
and classification of recorded assets, nor to the amounts and classification of liabilities that may be necessary should the Company
be unable to continue as a going concern.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
    <us-gaap:ConsolidationPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify"&gt;&lt;b&gt;(b)Principles of Consolidation&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The accompanying consolidated financial
statements include the financial statements of the Company and its wholly owned subsidiaries; the Company has no other interests.
All significant intercompany balances and transactions have been eliminated in the Company&amp;#8217;s consolidated financial statements.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;</us-gaap:ConsolidationPolicyTextBlock>
    <us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(e)Restricted cash&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Restricted cash consists of retention
accounts which are restricted in use and held in order to service debt and interest payments. In addition, restricted cash consists
of pledged cash maintained with lenders and amounts built-up for future drydockings.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;</us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy>
    <gsl:InsurancePolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(f)Insurance claims&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Insurance claims consist of claims
submitted and/or claims in the process of compilation or submission. They are recorded on an accrual basis and represent the claimable
expenses, net of applicable deductibles, incurred through December&amp;#160;31 of each reported period, which are probable to be recovered
from insurers. Any outstanding costs to complete the claims are included in accrued liabilities. The classification of insurance
claims into current and non-current assets is based on management&amp;#8217;s expectation as to the collection dates.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</gsl:InsurancePolicyTextBlock>
    <us-gaap:InventoryPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(g)Inventories&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Inventories consist of bunkers, lubricants,
stores and provisions. Inventories are stated at the lower of cost or net realizable value as determined using the first-in, first-out
method.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:InventoryPolicyTextBlock>
    <gsl:DividendsPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(t)Dividends&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Dividends are recorded in the period
in which they are declared by the Company&amp;#8217;s Board of Directors. Dividends to be paid are presented in the Consolidated Balance
Sheets in the line item &amp;#8220;Dividends payable&amp;#8221;.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</gsl:DividendsPolicyTextBlock>
    <us-gaap:ConcentrationRiskCreditRisk contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(v)Risks Associated with Concentration&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company is exposed to certain concentration
risks that may adversely affect the Company&amp;#8217;s financial position in the near term:&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 36pt"&gt;&lt;font style="font-size: 9pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;The Company derives its revenue from CMA CGM and other liner companies which are exposed to the cyclicality
of the container shipping industry.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 36pt"&gt;&lt;font style="font-size: 9pt"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;There is a concentration of credit risk with respect to cash and cash equivalents at December 31, 2018, to
the extent that substantially all of the amounts are deposited with eight banks (2017; three banks). However, the Company believes
this risk is remote as the banks are high credit quality financial institutions.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;



&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:ConcentrationRiskCreditRisk>
    <us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(r)Share based compensation&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company may award restricted stock
units to its management and Directors as part of their compensation.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The fair value of restricted stock
unit grants is determined by reference to the share price on the date of grant, adjusted for estimated dividends forgone until
the restricted stock units vest. Compensation expense is recognized based on a graded expense model over the expected vesting
period.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
    <us-gaap:IncomeTaxPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(s)Income taxes&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company and its Marshall Island
subsidiaries are exempt from taxation in the Marshall Islands. The Company&amp;#8217;s vessels are liable for tax based on the tonnage
of the vessel, under the regulations applicable to the country of incorporation of the vessel owning company, which is included
within vessels&amp;#8217; operating expenses.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Cyprus and Hong Kong subsidiaries
are also liable for income tax on any interest income earned from non-shipping activity.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company has one subsidiary in the
United Kingdom, where the principal rate of corporate income tax is 19% (2017: 19%, 2016: 20%).&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company accounts for deferred income
taxes using the liability method which requires the determination of deferred tax assets and liabilities, based upon temporary
timing differences that arise between the financial statement and tax bases of recorded assets and liabilities, using enacted tax
rates in effect for the year in which differences are expected to reverse. The net deferred tax asset is adjusted by a valuation
allowance where appropriate, if, based on the weight of available evidence, it is more likely than not that some portion or all
of the net deferred tax asset will not be realized. At December 31, 2018 a deferred tax liability of $9 (2017: $17) was recognized
relating to stock based compensation costs charged to the Consolidated Statements of Income in respect of unvested shares and timing
differences between the carrying amounts of assets for financial reporting purposes and their tax bases.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company recognizes uncertain tax
positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities,
based solely on the technical merits of the position.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;</us-gaap:IncomeTaxPolicyTextBlock>
    <us-gaap:EarningsPerSharePolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(u)Earnings/ (Loss) per share&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Basic earnings/ (loss) per common share
are based on income/ (loss) available to common shareholders divided by the weighted average number of common shares outstanding
during the period, excluding unvested restricted stock units. Diluted income/ (loss) per common share are calculated by applying
the treasury stock method. All unvested restricted stock units that have a dilutive effect are included in the calculation. The
basic and diluted earnings per share for the period are presented for each category of participating common shares under the two-class
method.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
    <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(y)Recently issued accounting standards&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;In February 2016, the FASB issued Accounting
Standards Update No. 2016-02, &amp;#8220;Leases (Topic 842)&amp;#8221; (&amp;#8220;ASU 2016-02&amp;#8221;). ASU 2016-02 will apply to both types
of leases-capital (or finance) leases and operating leases. According to the new Accounting Standard, lessees will be required
to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more
than 12 months. ASU 2016-02 is effective for fiscal years which began after December 15, 2018, including interim periods within
those fiscal years. Early application was permitted. This guidance requires companies to identify lease and non-lease components
of a lease agreement. Lease components relate to the right to use the leased asset and non-lease components relate to payments
for goods or services that are transferred separately from the right to use the underlying asset. Total lease consideration is
allocated to lease and non-lease components on a relative standalone basis. The recognition of revenues related to lease components
will be governed by ASC 842 while revenue related to non-lease components will be subject to ASC 606. In March 2018, the FASB
tentatively approved a proposed amendment to ASU 842, that would provide an entity the optional transition method to initially
account for the impact of the adoption with a cumulative adjustment to retained earnings on the effective date of the ASU, January
1, 2019 rather than January 1, 2017, which would eliminate the need to restate amounts presented prior to January 1, 2019. In
addition, lessors can elect, as a practical expedient, not to allocate the total consideration to lease and non-lease components
based on their relative standalone selling prices. As adopted by the Accounting Standards Update No. 2018-11 in July 2018, this
practical expedient will allow lessors to elect and account for the combined component based on its predominant characteristic.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;ASC 842 provides practical expedients
that allow entities to not (i) reassess whether any expired or existing contracts are considered or contain leases; (ii) reassess
the lease classification for any expired or existing leases; and (iii) reassess initial direct costs for any existing leases. In
July 2018, the FASB issued Accounting Standards Update No. 2018-10, &amp;#8220;Codification Improvements to Topic 842, Leases&amp;#8221;
and in December 2018 the Accounting Standards Update No. 2018-20 &amp;#8220;Narrow-scope improvements for lessors&amp;#8221;, which further
improve and clarify ASU 2016-02. The Company plans to adopt the standard as of January 1, 2019 and expects to elect the use of
all practical expedients. Based on a preliminary assessment, the Company is expecting that the adoption will not have a material
effect on its consolidated financial statements since the Company is primarily a lessor and the changes to the lessor model are
fairly minor.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company currently does not have
any other miscellaneous leases that are greater than 12 months and the Company is the lessee that would be impacted by the adoption
of this standard.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;In June 2016, the FASB issued ASU 2016-13,
&amp;#8220;Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments&amp;#8221; (&amp;#8220;ASU
2016-13&amp;#8221;), which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses
to estimate credit losses on certain types of financial instruments, including trade receivables. In December 2018, the FASB issued
Accounting Standards Update No. 2018-19 &amp;#8220;Codification improvements to Topic 326&amp;#8221;, which clarifies that impairment of
receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The ASU 2016-13 is effective
for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently
evaluating the impact of the new standard on the Company&amp;#8217;s consolidated financial statements.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company does not believe that any
other recently issued, but not yet effective, accounting pronouncements would have a material impact on its consolidated financial
statements.&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
    <us-gaap:CashAndCashEquivalentsDisclosureTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;3. Restricted Cash&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;Restricted cash as of December&amp;#160;31,
2018 and 2017 consisted of the following:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;December 31, &lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="width: 62%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Retention accounts&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 4%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2,186&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 4%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total Current Restricted Cash&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2,186&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 18pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 18pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Cash Collateral&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;5,190&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 18pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Blocked bank deposits&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;637&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 18pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total Non - Current Restricted Cash&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;5,827&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 18pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total Current and Non - Current Restricted Cash&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;8,013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 18pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 18pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:CashAndCashEquivalentsDisclosureTextBlock>
    <us-gaap:InventoryDisclosureTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;8. Inventories&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;Inventories as of December&amp;#160;31, 2018 and December&amp;#160;31, 2017
consisted of the following:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;December 31, &lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Bunkers&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;443&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Lubricants&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;4,958&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;742&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Stores&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;192&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Victualling&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;176&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;5,769&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;742&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:InventoryDisclosureTextBlock>
    <us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="From2018-01-01to2018-12-31_us-gaap_AccountsPayableMember">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;9. Accounts Payable&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;Accounts payable as of December&amp;#160;31, 2018 and 2017 consisted
of the following:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="white-space: nowrap; width: 65%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Suppliers, repairers&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;8,561&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1,207&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Insurers, agents and brokers&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;358&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Payables to charterers&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;368&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Other creditors&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;299&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;279&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;9,586&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;1,486&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&amp;#160;&lt;/p&gt;</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
    <us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="From2018-01-01to2018-12-31_us-gaap_AccruedLiabilitiesMember">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;10. Accrued Liabilities&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;Accrued liabilities as of December&amp;#160;31, 2018 and 2017 consisted
of the following:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="white-space: nowrap; width: 65%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Accrued expenses&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;7,154&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2,764&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Accrued interest&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;8,253&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;6,024&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;15,407&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;8,788&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
    <us-gaap:ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td colspan="2" rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Company Name (1)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Fleet (2),(3)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Country&amp;#160;of&lt;/b&gt;&lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Incorporation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Vessel&amp;#160;&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Name&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Capacity in&amp;#160;TEUs&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;(4) &lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td colspan="2" rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Year Built &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Earliest&amp;#160;&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Charter Expiry&amp;#160;Date &lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 3 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Matisse &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,262&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1999&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 4 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Utrillo &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,262&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1999&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 5 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Keta &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,207&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2003&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 6 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Julie &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,207&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2002&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 7 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Kumasi &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,207&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2002&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;4Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 8 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Marie Delmas &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,207&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2002&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;4Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 9 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM La Tour &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,272&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2001&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 10 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Manet &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,272&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2001&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 12 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Ch&amp;#226;teau d&amp;#8217;If &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;5,089&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2007&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;4Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 13 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Thalassa &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;11,040&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2008&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;4Q25&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 14 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Jamaica &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;4,298&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2006&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q22&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 15 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Sambhar &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;4,045&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2006&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q22&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 16 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Cyprus&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM America &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;4,045&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2006&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q22&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 20 Limited&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Tianjin &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;8,667&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2005&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 21 Limited&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;OOCL Qingdao &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;8,667&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2004&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 22 Limited&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Ningbo &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;8,667&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2004&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 23 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Berlioz &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,621&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2001&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q21&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Global Ship Lease 26 Limited &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Valerie &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,824&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2005&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL Alcazar Inc. &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;GSL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM Alcazar &lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;5,089&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2007&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;4Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Aris Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Maira &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,506&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Aphrodite Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Nikolas &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,506&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Athena Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Newyorker &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,506&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2001&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Hephaestus Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Dolphin II &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;5,095&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2007&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Pericles Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Athena &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2,762&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2003&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Zeus One Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Orca I &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;5,095&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2006&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Leonidas Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Agios Dimitrios &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,572&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Alexander Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Mary&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,927&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2013&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3Q23&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Hector Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Kristina&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,927&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2013&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19(6)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Ikaros Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Katherine&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,927&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2013&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q24&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Tasman Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Tasman &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;5,936&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Hudson Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Dimitris Y &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;5,936&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Drake Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Ian H &lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;5,936&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Phillipos Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Alexandra&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,927&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2013&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19(6)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Aristoteles Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;UASC Bubiyan&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,882&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2015&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19(6)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Menelaos Marine LLC(5)&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;UASC Yas&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;6,882&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2015&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q24&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Laertis Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;UASC Al Khor&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;9,115&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2015&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1Q19&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Penelope Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Maira XL&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;9,115&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2015&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Telemachus Marine LLC&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Poseidon&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Anthea Y&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="3" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;9,115&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2015&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="13" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;i&gt;(1)&amp;#160;&amp;#160; All subsidiaries are 100% owned, either directly
        or indirectly;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/p&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;i&gt;(2) The GSL Fleet comprises the 19 vessels wholly owned by the
        Company prior to completion of the Poseidon Transaction;&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="13" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;(3)&amp;#160; The Poseidon Fleet comprises the 19 vessels wholly owned by Poseidon Containers as at the completion of the Poseidon Transaction, excluding one additional vessel held for sale;&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="13" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;i&gt;(4)&amp;#160;&amp;#160;&amp;#160;Twenty-foot Equivalent Units;&lt;/i&gt;&lt;/p&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;i&gt;(5)&amp;#160;&amp;#160; Renamed Olivia I, effective March 19, 2019;&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="13" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;(6)&amp;#160;&amp;#160; Thereafter, five years to CMA CGM at $25,910 per day.&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td colspan="13" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock>
    <us-gaap:ScheduleOfRestrictedCashAndCashEquivalentsTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;December 31, &lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="width: 62%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Retention accounts&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 4%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2,186&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 4%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total Current Restricted Cash&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2,186&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 18pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 18pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Cash Collateral&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;5,190&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 18pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Blocked bank deposits&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;637&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 18pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total Non - Current Restricted Cash&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;5,827&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 18pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total Current and Non - Current Restricted Cash&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;8,013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 18pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:ScheduleOfRestrictedCashAndCashEquivalentsTextBlock>
    <us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;December 31, &lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Bunkers&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;443&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Lubricants&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;4,958&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;742&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Stores&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;192&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Victualling&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;176&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;5,769&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;742&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
    <us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="white-space: nowrap; width: 65%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Suppliers, repairers&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;8,561&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1,207&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Insurers, agents and brokers&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;358&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Payables to charterers&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;368&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Other creditors&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;299&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;279&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;9,586&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;1,486&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock>
    <us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="white-space: nowrap; width: 65%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Accrued expenses&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;7,154&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2,764&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Accrued interest&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;8,253&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;6,024&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;15,407&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;8,788&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
    <us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: -3.75pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: -2.9pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;Time charter revenue&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;30,890&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 11%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;35,334&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 10%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;37,881&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;Time charter revenue-related party&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;126,207&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;123,944&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;128,956&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;157,097&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-bottom: Black 1.5pt double; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;159,278&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-bottom: Black 1.5pt double; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;166,837&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock>
    <us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="5" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Year Ended December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Charterer&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 3%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;80.41%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;77.82%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;77.29%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;OOCL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Under 10%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;22.18%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;22.71%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock>
    <us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td style="width: 75%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 10pt"&gt;2019&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#160;206,682&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 10pt"&gt;2020&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#160;&amp;#160;141,577&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 10pt"&gt;2021&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;104,775&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 10pt"&gt;2022&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;91,783&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 10pt"&gt;2023 and thereafter&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#160;103,418&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total minimum lease revenue, net of address commissions &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;648,235&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
    <us-gaap:PropertyPlantAndEquipmentImpairment contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(l)Impairment of Long-lived assets&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Tangible fixed assets, such as vessels, are
reviewed individually for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable.
Undiscounted projected operating cash flows are determined for each vessel group, which comprises of the vessel, the unamortized
portion of deferred drydocking related to the vessel and the related carrying value of the intangible asset or liability (if any)
with respect to the time charter attached to the vessel at its purchase, if applicable (together the &amp;#8220;vessel group&amp;#8221;)
and compared to the carrying value of the vessel group (step one). Within the shipping industry, vessels can be purchased with
a charter attached. The value of the charter may be favorable or unfavorable when comparing the contracted charter rate to then
current market rates.&amp;#160;An impairment charge is recognized when the sum of the expected undiscounted future cash flows from
the vessel group over its estimated remaining useful life is less than its carrying amount (step one) and is recorded equal to
the amount by which the vessel group&amp;#8217;s carrying amount exceeds its fair value, including any applicable charter. Fair value
is determined with the assistance from valuations obtained from third party independent ship brokers (step two).&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The assumptions used involve a considerable
degree of estimation. Actual conditions may differ significantly from the assumptions and thus actual cash flows may be significantly
different to those estimated with a material effect on the recoverability of each vessel&amp;#8217;s carrying amount. The most significant
assumptions made for the determination of expected cash flows are (i) charter rates on expiry of existing charters, which are based
on forecast charter rates, where relevant, in the four years from the date of the impairment test and a reversion to the historical
mean for each vessel thereafter (ii) off-hire days, which are based on actual off-hire statistics for the Company&amp;#8217;s fleet
(iii) operating costs, based on current levels escalated over time based on long term trends (iv) dry docking frequency, duration
and cost&amp;#160; (v) estimated useful life, which is assessed as a total of 30 years from original delivery by the shipyard and (vi)
scrap values.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Whilst charter rates in the spot market and
asset values saw overall improvements through 2018, taking into account the seasonal as well as cyclical nature of the container
shipping industry, the recovery was not considered to have been sufficiently sustained not to undertake a fleet-wide review for
impairment as at December 31, 2018 for the 19 vessels in the GSL Fleet.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As a result, our management performed step one
of the impairment assessment of each of the vessel groups in the GSL Fleet by comparing the undiscounted projected net operating
cash flows for each vessel group to the carrying value of the vessel group.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;During the three months ended December&amp;#160;31,
2018, our assessment concluded that step two of the impairment analysis was required for three of our vessels groups that were
held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value. As a result, an impairment
loss of $71,834 was recorded for three vessels, shown as &amp;#8220;Impairment of vessels&amp;#8221; in the Consolidated Statements of
Income, being the difference between the fair value of the vessel group (which included the charter attached) and the vessel group&amp;#8217;s
carrying value.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;No impairment test was performed for the vessels
comprising the Poseidon Fleet as at December 31, 2018, as no events or circumstances existed indicating that their carrying value
may not be recoverable. The carrying value of the vessels at December 31, 2018 was significantly lower than their fair value, mainly
as a result of the allocation of negative goodwill arising from the accounting for the Poseidon Transaction.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The assessment performed for 2017 and 2016 resulted
in impairment charges of $87,624 and $92,422, respectively.&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentImpairment>
    <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(i)Vessels in operation&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Vessels are generally recorded at their historical
cost, which consists of the acquisition price and any material expenses incurred upon acquisition. Vessels acquired in a corporate
transaction accounted for as an asset acquisition are stated at the acquisition price, which consists of consideration paid, plus
transaction costs less any negative goodwill, if applicable. Vessels acquired in a corporate transaction accounted for as a business
combination are recorded at fair value. Vessels acquired as part of the Marathon Merger in 2008 were accounted for under ASC 805,
which required that the&amp;#160;vessels be recorded at fair value, less the negative goodwill arising as a result of the accounting
for the merger.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Subsequent expenditures for major improvements
and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capacity or improve the efficiency
or safety of the vessels.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Borrowing costs incurred during the
construction of vessels or as part of the prefinancing of the acquisition of vessels are capitalized. There was no capitalized
interest for the years ended December 31, 2018 or 2017. Other borrowing costs are expensed as incurred.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Vessels are stated less accumulated
depreciation and impairment, if applicable. Vessels are depreciated to their estimated residual value using the straight-line method
over their estimated useful lives which are reviewed on an ongoing basis to ensure they reflect current technology, service potential
and vessel structure. The useful lives are estimated to be 30 years from original delivery by the shipyard.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;For any vessel&amp;#160;group which is impaired,&amp;#160;the
impairment charge is recorded against the cost of the vessel and the&amp;#160;accumulated depreciation as at the date of impairment
is removed from the accounts.&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The cost and related accumulated depreciation
of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the
Consolidated Statements of Income.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;u&gt;Vessels acquisitions&lt;/u&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Poseidon Transaction has been accounted
for under ASU 2017-01 as an asset acquisition. The vessels acquired on November 15, 2018, described in note 1, were recorded at
their fair value, based on valuations obtained from third party independent ship brokers, less negative goodwill arising as a result
of the accounting for the overall Poseidon Transaction, allocated pro-rata. The following table summarizes the accounting for the
Poseidon Transaction, including the fair value of the stock-based consideration given:&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Assets and Liabilities Acquired&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Vessels fair value as of November 15, 2018&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;761,248&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Negative goodwill allocated pro-rata to the vessels acquired &lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(143,726)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Vessels fair value recognized as of November 15, 2018 (see note 4)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;617,522&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Cash and cash equivalents &lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;35,044&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Fair value of time charter contracts attached, net of pro-rata allocation of negative goodwill (see note 6)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;5,404&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Debt assumed&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(509,673)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Working capital (excluding cash and cash equivalents)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(11,331)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;136,966&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Fair Value of Consideration Given&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Share price as of November 15, 2018 (as adjusted for reverse stock split)&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;7.84&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Fair value of stock-based consideration&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;125,133&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Capitalized transaction expenses&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;11,833&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total consideration&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;136,966&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
    <us-gaap:OtherCurrentAssetsTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;7. Prepaid Expenses and Other Current Assets&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;Prepaid Expenses and Other Current Assets as of December&amp;#160;31,
2018 and December&amp;#160;31, 2017 consisted of the following:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="white-space: nowrap; width: 65%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Insurance and other claims&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1,761&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;348&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Advances to suppliers and other assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2,128&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;68&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Prepaid vessel expenditure&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;840&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;327&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Prepaid insurances&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;787&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;418&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Other&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;698&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;215&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;6,214&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;1,376&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:OtherCurrentAssetsTextBlock>
    <us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="white-space: nowrap; width: 65%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Insurance and other claims&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1,761&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;348&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Advances to suppliers and other assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2,128&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;68&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Prepaid vessel expenditure&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;840&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;327&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Prepaid insurances&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;787&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;418&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Other&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;698&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;215&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;6,214&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;1,376&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock>
    <us-gaap:RevenueFromContractWithCustomerTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;12. Time charter revenue&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Time charter revenue as of December&amp;#160;31,
2018, 2017 and 2016 consisted of the following:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: -3.75pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: -2.9pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;Time charter revenue&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;30,890&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 11%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;35,334&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 10%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;37,881&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;Time charter revenue-related party&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;126,207&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;123,944&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;128,956&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;157,097&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-bottom: Black 1.5pt double; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;159,278&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; border-bottom: Black 1.5pt double; padding-right: -3.65pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;166,837&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Operating revenue from significant customers
(constituting more than 10% of total time charter revenue) was as follows:&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="5" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Year Ended December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Charterer&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 3%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;CMA CGM&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;80.41%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;77.82%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;77.29%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;OOCL&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;Under 10%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;22.18%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;22.71%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;</us-gaap:RevenueFromContractWithCustomerTextBlock>
    <us-gaap:AmortizationOfAboveAndBelowMarketLeases contextRef="C_0001430725_20170101_20171231" decimals="-3" unitRef="U_iso4217USD">-1305000</us-gaap:AmortizationOfAboveAndBelowMarketLeases>
    <us-gaap:AmortizationOfAboveAndBelowMarketLeases contextRef="C_0001430725_20160101_20161231" decimals="-3" unitRef="U_iso4217USD">-1807000</us-gaap:AmortizationOfAboveAndBelowMarketLeases>
    <us-gaap:AmortizationOfAboveAndBelowMarketLeases contextRef="C_0001430725_20150101_20151231" decimals="-3" unitRef="U_iso4217USD">-2104000</us-gaap:AmortizationOfAboveAndBelowMarketLeases>
    <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="C_0001430725_20150101_20151231" decimals="-3" unitRef="U_iso4217USD">1000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
    <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="From2016-01-01to2016-12-31_us-gaap_CommonStockMember" decimals="-3" unitRef="U_iso4217USD">1000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
    <us-gaap:StockIssued1 contextRef="C_0001430725_20170101_20171231" decimals="-3" unitRef="U_iso4217USD">125133000</us-gaap:StockIssued1>
    <us-gaap:StockIssued1 contextRef="C_0001430725_us-gaapStatementClassOfStockAxis_us-gaapCommonClassAMember_20170101_20171231" decimals="-3" unitRef="U_iso4217USD">23564000</us-gaap:StockIssued1>
    <us-gaap:StockIssued1 contextRef="C_0001430725_us-gaapStatementClassOfStockAxis_us-gaapCommonClassAMember_20160101_20161231" decimals="-3" unitRef="U_iso4217USD">0</us-gaap:StockIssued1>
    <us-gaap:StockIssued1 contextRef="C_0001430725_us-gaapStatementClassOfStockAxis_us-gaapCommonClassAMember_20150101_20151231" decimals="-3" unitRef="U_iso4217USD">0</us-gaap:StockIssued1>
    <us-gaap:StockIssued1 contextRef="From2016-01-01to2016-12-31_us-gaap_SeriesCPreferredStockMember" decimals="-3" unitRef="U_iso4217USD">0</us-gaap:StockIssued1>
    <us-gaap:StockIssued1 contextRef="From2017-01-01to2017-12-31_us-gaap_SeriesCPreferredStockMember" decimals="-3" unitRef="U_iso4217USD">0</us-gaap:StockIssued1>
    <us-gaap:StockIssued1 contextRef="From2018-01-01to2018-12-31_us-gaap_SeriesCPreferredStockMember" decimals="-3" unitRef="U_iso4217USD">101569000</us-gaap:StockIssued1>
    <gsl:NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetCashProvidedByOperatingActivities contextRef="From2017-01-01to2017-12-31_us-gaap_AccountingStandardsUpdate201615Member_srt_RestatementAdjustmentMember" decimals="-3" unitRef="U_iso4217USD">9047000</gsl:NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetCashProvidedByOperatingActivities>
    <gsl:NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetCashProvidedByOperatingActivities contextRef="From2016-01-01to2016-12-31_us-gaap_AccountingStandardsUpdate201615Member_srt_RestatementAdjustmentMember" decimals="-3" unitRef="U_iso4217USD">533000</gsl:NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetCashProvidedByOperatingActivities>
    <gsl:NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetCashProvidedByFinancingActivities contextRef="From2017-01-01to2017-12-31_us-gaap_AccountingStandardsUpdate201615Member_srt_RestatementAdjustmentMember" decimals="-3" unitRef="U_iso4217USD">9047000</gsl:NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetCashProvidedByFinancingActivities>
    <gsl:NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetCashProvidedByFinancingActivities contextRef="From2016-01-01to2016-12-31_us-gaap_AccountingStandardsUpdate201615Member_srt_RestatementAdjustmentMember" decimals="-3" unitRef="U_iso4217USD">533000</gsl:NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetCashProvidedByFinancingActivities>
    <us-gaap:ImpairedLongLivedAssetsHeldAndUsedAssetDescription contextRef="From2018-01-01to2018-12-31_custom_ThreeVesselGroupsMember">Three vessel groups that are held and used</us-gaap:ImpairedLongLivedAssetsHeldAndUsedAssetDescription>
    <us-gaap:PropertyPlantAndEquipmentFairValueDisclosure contextRef="AsOf2018-12-31_custom_ThreeVesselGroupsMember" decimals="-3" unitRef="U_iso4217USD">93500000</us-gaap:PropertyPlantAndEquipmentFairValueDisclosure>
    <gsl:AccumulatedDepreciationDepletionAndAmortizationImpairmentLossOfPropertyPlantAndEquipment contextRef="From2018-01-01to2018-12-31_custom_AccumulatedDepreciationMember" decimals="-3" unitRef="U_iso4217USD">-67520000</gsl:AccumulatedDepreciationDepletionAndAmortizationImpairmentLossOfPropertyPlantAndEquipment>
    <gsl:AccumulatedDepreciationDepletionAndAmortizationImpairmentLossOfPropertyPlantAndEquipment contextRef="From2017-01-01to2017-12-31_custom_AccumulatedDepreciationMember" decimals="-3" unitRef="U_iso4217USD">-94961000</gsl:AccumulatedDepreciationDepletionAndAmortizationImpairmentLossOfPropertyPlantAndEquipment>
    <us-gaap:CapitalizedComputerSoftwareNet contextRef="C_0001430725_20171231" decimals="-3" unitRef="U_iso4217USD">0</us-gaap:CapitalizedComputerSoftwareNet>
    <us-gaap:CapitalizedComputerSoftwareNet contextRef="C_0001430725_20161231" decimals="-3" unitRef="U_iso4217USD">7000</us-gaap:CapitalizedComputerSoftwareNet>
    <us-gaap:DeferredFinanceCostsGross contextRef="C_0001430725_20171231" decimals="-3" unitRef="U_iso4217USD">3600000</us-gaap:DeferredFinanceCostsGross>
    <us-gaap:DeferredFinanceCostsGross contextRef="C_0001430725_20161231" decimals="-3" unitRef="U_iso4217USD">3600000</us-gaap:DeferredFinanceCostsGross>
    <us-gaap:DeferredFinanceCostsGross contextRef="AsOf2018-12-31_custom_TwoThousandTwentyTwoNotesMember" decimals="-3" unitRef="U_iso4217USD">3600000</us-gaap:DeferredFinanceCostsGross>
    <us-gaap:DeferredFinanceCostsGross contextRef="AsOf2017-12-31_custom_TwoThousandTwentyTwoNotesMember" decimals="-3" unitRef="U_iso4217USD">3600000</us-gaap:DeferredFinanceCostsGross>
    <gsl:RestrictedStockUnitsShareBasedCompensationAwardsShareValueOnVestingDate contextRef="From2018-01-01to2018-12-31_us-gaap_RestrictedStockUnitsRSUMember" decimals="INF" unitRef="U_iso4217USD_shares">7.92</gsl:RestrictedStockUnitsShareBasedCompensationAwardsShareValueOnVestingDate>
    <us-gaap:WeightedAverageNumberOfSharesRestrictedStock contextRef="C_0001430725_us-gaapStatementClassOfStockAxis_us-gaapCommonClassAMember_20170101_20171231" decimals="INF" unitRef="U_shares">0</us-gaap:WeightedAverageNumberOfSharesRestrictedStock>
    <us-gaap:WeightedAverageNumberOfSharesRestrictedStock contextRef="C_0001430725_us-gaapStatementClassOfStockAxis_us-gaapCommonClassAMember_20160101_20161231" decimals="INF" unitRef="U_shares">50000</us-gaap:WeightedAverageNumberOfSharesRestrictedStock>
    <us-gaap:WeightedAverageNumberOfSharesRestrictedStock contextRef="C_0001430725_us-gaapStatementClassOfStockAxis_us-gaapCommonClassAMember_20150101_20151231" decimals="INF" unitRef="U_shares">37500</us-gaap:WeightedAverageNumberOfSharesRestrictedStock>
    <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="C_0001430725_us-gaapStatementClassOfStockAxis_us-gaapCommonClassAMember_20170101_20171231" decimals="INF" unitRef="U_shares">6514390</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
    <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="C_0001430725_us-gaapStatementClassOfStockAxis_us-gaapCommonClassAMember_20160101_20161231" decimals="INF" unitRef="U_shares">5946986</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
    <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="C_0001430725_us-gaapStatementClassOfStockAxis_us-gaapCommonClassAMember_20150101_20151231" decimals="INF" unitRef="U_shares">5944294</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
    <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="C_0001430725_us-gaapStatementClassOfStockAxis_us-gaapCommonClassBMember_20170101_20171231" decimals="INF" unitRef="U_shares">925745</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
    <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="C_0001430725_us-gaapStatementClassOfStockAxis_us-gaapCommonClassBMember_20160101_20161231" decimals="INF" unitRef="U_shares">925745</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
    <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="C_0001430725_us-gaapStatementClassOfStockAxis_us-gaapCommonClassBMember_20150101_20151231" decimals="INF" unitRef="U_shares">925745</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
    <us-gaap:SegmentReportingPolicyPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(w)Segment Reporting&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company reports financial information
and evaluates its operations by charter revenues and not by the length of ship employment for its customers. The Company does
not use discrete financial information to evaluate operating results for each type of charter. Management does not identify expenses,
profitability or other financial information by charter type. As a result, management reviews operating results solely by revenue
per day and operating results of the fleet and thus the Company has determined that it operates under one reportable segment.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;</us-gaap:SegmentReportingPolicyPolicyTextBlock>
    <us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(x)Fair Value Measurement and Financial
Instruments&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Financial instruments carried on the
balance sheet include cash and cash equivalents, restricted cash, trade receivables and payables, other receivables and other liabilities
and long-term debt. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable
significant policy description of each item, or included below as applicable.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Fair value measurement: &lt;/i&gt;&lt;/b&gt;Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the &amp;#8220;exit price&amp;#8221;)
in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based
on the observability of inputs as follows:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Level&amp;#160;1 &amp;#8212; Valuations based
on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.&amp;#160;&amp;#160;Valuation
adjustments and block discounts are not applied to Level&amp;#160;1 instruments. Since valuations are based on quoted prices that are
readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Level&amp;#160;2 &amp;#8212; Valuations based
on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly
or indirectly.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Level&amp;#160;3 &amp;#8212; Valuations based
on inputs that are unobservable and significant to the overall fair value measurement.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;As at December 31, 2018, the Company&amp;#8217;s
three vessel groups that were held and used with a total aggregate carrying amount of $165,334 were written down to their fair
value of $93,500 resulting in a non-cash impairment charge of $71,834 which was allocated to the respective vessels&amp;#8217; carrying
values (see note 4) and was included in Consolidated Statements of Income for the year ended December 31, 2018.&amp;#160;The estimated
fair value, measured on a non-recurring basis, of the Company&amp;#8217;s relevant three vessel groups that are held and used is calculated
with the assistance of valuation obtained by third party independent ship brokers.&amp;#160;Therefore, the Company has categorized
the fair value of these vessels as Level II in the fair value hierarchy.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Financial Risk Management:&lt;/i&gt;&lt;/b&gt;&amp;#160;The
Company activities expose it to a variety of financial risks including fluctuations in, time charter rates, credit and interest
rates risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall
risk management, as well as specific areas of operations.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Credit risk:&lt;/i&gt;&lt;/b&gt;&amp;#160;The
Company closely monitors its credit exposure to customers and counter-parties for credit risk. The Company has entered into commercial
management agreement with Conchart Commercial Inc. (&amp;#8220;Conchart&amp;#8221;), pursuant to which Conchart has agreed to provide commercial
management services to the Company, including the negotiation, on behalf of the Company, vessel employment contracts (see note
13). Conchart has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Financial instruments that potentially
subject the Company to concentrations of credit risk are accounts receivable and cash and cash equivalents. The Company does not
believe its exposure to credit risk is likely to have a material adverse effect on its financial position, results of operations
or cash flows.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Liquidity Risk:&lt;/i&gt;&lt;/b&gt; Prudent
liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an
adequate amount of committed credit facilities and the ability to close out market positions. The Company monitors cash balances
appropriately to meet working capital needs.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Foreign Exchange Risk:&lt;/i&gt;&lt;/b&gt;&amp;#160;Foreign
currency transactions are translated into the measurement currency rates prevailing at the dates of transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies are recognized in the Consolidated Statements of Income.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;/p&gt;</us-gaap:FairValueOfFinancialInstrumentsPolicy>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;14.Commitments and Contingencies&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;Charter Hire Receivable &lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company has entered time charters
for its vessels. The charter hire is fixed for the duration of the charter. The minimum contracted future charter hire receivable,
net of address commissions, not allowing for any offhire, assuming expiry at earliest possible dates and assuming options callable
by the Company included in the charters are not exercised, for the 38 vessels as at December 31, 2018 is as follows:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td style="width: 75%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 10pt"&gt;2019&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#160;206,682&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 10pt"&gt;2020&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#160;&amp;#160;141,577&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 10pt"&gt;2021&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;104,775&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 10pt"&gt;2022&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;91,783&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 10pt"&gt;2023 and thereafter&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#160;103,418&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total minimum lease revenue, net of address commissions &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;648,235&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
    <gsl:DeferredChargesTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;5. Deferred charges, net&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Deferred charges, net as of December&amp;#160;31,
2018 and 2017 consisted of the following:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" rowspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Dry - docking &lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Costs&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="width: 82%; border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;As of January 1, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;11,782&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3,949&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;Amortization&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 27pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(4,472)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;As of December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;11,259&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2,635&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;Amortization&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 27pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(4,200)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;Write - off&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 27pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(125)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;As of December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;9,569&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company follows the deferral method
of accounting for dry-docking costs in accordance with accounting for planned major maintenance activities, whereby actual costs
incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-docking, which is generally
five years. Any remaining unamortized balance from the previous dry-docking are written-off.&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</gsl:DeferredChargesTextBlock>
    <gsl:NumberOfVesselsTestedForImpairment contextRef="C_0001430725_20170101_20171231" decimals="INF" unitRef="U_gslVessel">19</gsl:NumberOfVesselsTestedForImpairment>
    <us-gaap:NumberOfReportableSegments contextRef="C_0001430725_20170101_20171231" decimals="INF" unitRef="U_gslUnit">1</us-gaap:NumberOfReportableSegments>
    <us-gaap:LongTermDebt contextRef="C_0001430725_20171231" decimals="-3" unitRef="U_iso4217USD">877218000</us-gaap:LongTermDebt>
    <us-gaap:LongTermDebt contextRef="C_0001430725_20161231" decimals="-3" unitRef="U_iso4217USD">398515000</us-gaap:LongTermDebt>
    <us-gaap:DebtInstrumentCovenantDescription contextRef="C_0001430725_20170101_20171231">Amounts drawn under the facilities listed above are secured by first priority mortgages on the Company&#x2019;s vessels and other collateral. The majority of the credit facilities contain a number of restrictive covenants that limit the Company from, among other things: incurring or guaranteeing indebtedness; charging, pledging or encumbering the vessels; changing the flag, class, management or ownership of the vessel owning entities. The credit facilities also require the vessels to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. Additionally, specific credit facilities require compliance with a number of financial covenants including debt ratios and minimum liquidity and corporate guarantor requirements. Among other events, it will be an event of default under the credit facilities if the financial covenants are not complied with.</us-gaap:DebtInstrumentCovenantDescription>
    <us-gaap:DebtInstrumentCovenantCompliance contextRef="C_0001430725_20170101_20171231">As of December 31, 2018 and 2017, the Company was in compliance with its debt covenants.</us-gaap:DebtInstrumentCovenantCompliance>
    <gsl:NumberOfBanksHoldingDeposits contextRef="C_0001430725_20171231" decimals="INF" unitRef="U_gslUnit">8</gsl:NumberOfBanksHoldingDeposits>
    <gsl:NumberOfBanksHoldingDeposits contextRef="C_0001430725_20161231" decimals="INF" unitRef="U_gslUnit">3</gsl:NumberOfBanksHoldingDeposits>
    <us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" rowspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Dry - docking &lt;/b&gt;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Costs&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="width: 82%; border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;As of January 1, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;11,782&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3,949&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;Amortization&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 27pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(4,472)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;As of December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;11,259&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;2,635&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;Amortization&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 27pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(4,200)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"&gt;&lt;font style="font-size: 9pt"&gt;Write - off&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 27pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(125)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;As of December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;9,569&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock>
    <gsl:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsMaximumNumberOfGrantsInPeriod contextRef="From2018-01-01to2018-12-31_custom_TwoThousandNineteenIncentivePlanMember_us-gaap_CommonClassAMember_srt_MaximumMember" decimals="INF" unitRef="U_shares">12500</gsl:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsMaximumNumberOfGrantsInPeriod>
    <gsl:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsMaximumValueOfGrantsInPeriod contextRef="From2018-01-01to2018-12-31_custom_TwoThousandNineteenIncentivePlanMember_us-gaap_CommonClassAMember_srt_MaximumMember" decimals="-3" unitRef="U_iso4217USD">100000000</gsl:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsMaximumValueOfGrantsInPeriod>
    <us-gaap:NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1 contextRef="C_0001430725_20170101_20171231" decimals="-3" unitRef="U_iso4217USD">5404000</us-gaap:NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1>
    <us-gaap:NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1 contextRef="C_0001430725_20160101_20161231" decimals="-3" unitRef="U_iso4217USD">0</us-gaap:NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1>
    <us-gaap:NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1 contextRef="C_0001430725_20170101_20171231" decimals="-3" unitRef="U_iso4217USD">136966000</us-gaap:NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1>
    <us-gaap:NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 contextRef="C_0001430725_20170101_20171231" decimals="-3" unitRef="U_iso4217USD">617522000</us-gaap:NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1>
    <us-gaap:NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 contextRef="From2018-01-01to2018-12-31_custom_NetBookValueMember" decimals="-3" unitRef="U_iso4217USD">617522000</us-gaap:NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1>
    <us-gaap:NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 contextRef="From2018-01-01to2018-12-31_custom_VesselCostMember" decimals="-3" unitRef="U_iso4217USD">617522000</us-gaap:NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1>
    <gsl:NoncashOrPartNoncashAcquisitionCashAndCashEquivalentsAcquired contextRef="C_0001430725_20170101_20171231" decimals="-3" unitRef="U_iso4217USD">35044000</gsl:NoncashOrPartNoncashAcquisitionCashAndCashEquivalentsAcquired>
    <us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationGiven1 contextRef="C_0001430725_20170101_20171231" decimals="-3" unitRef="U_iso4217USD">136966000</us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationGiven1>
    <us-gaap:SharePrice contextRef="AsOf2018-11-15" decimals="INF" unitRef="U_iso4217USD_shares">7.84</us-gaap:SharePrice>
    <gsl:FairValueOfFixedAssetsAcquired contextRef="C_0001430725_20170101_20171231" decimals="-3" unitRef="U_iso4217USD">761248000</gsl:FairValueOfFixedAssetsAcquired>
    <us-gaap:ScheduleOfNoncashOrPartNoncashAcquisitionsTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Assets and Liabilities Acquired&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Vessels fair value as of November 15, 2018&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;761,248&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Negative goodwill allocated pro-rata to the vessels acquired &lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(143,726)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Vessels fair value recognized as of November 15, 2018 (see note 4)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;617,522&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Cash and cash equivalents &lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;35,044&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Fair value of time charter contracts attached, net of pro-rata allocation of negative goodwill (see note 6)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;5,404&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Debt assumed&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(509,673)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Working capital (excluding cash and cash equivalents)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;(11,331)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;136,966&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Fair Value of Consideration Given&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Share price as of November 15, 2018 (as adjusted for reverse stock split)&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
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    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
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    <gsl:AssetAcquisitionNegativeGoodwillRecognizedDuringPeriod contextRef="C_0001430725_20170101_20171231" decimals="-3" unitRef="U_iso4217USD">-143726000</gsl:AssetAcquisitionNegativeGoodwillRecognizedDuringPeriod>
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    <gsl:CashAcquiredFromAssetAcquisitions contextRef="C_0001430725_20150101_20151231" decimals="-3" unitRef="U_iso4217USD">0</gsl:CashAcquiredFromAssetAcquisitions>
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&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(k)Intangible assets and liabilities
&amp;#8211; charter agreements&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0 18pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;When intangible assets or liabilities associated
with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market
data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset
is recorded, being based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel.
Where charter rates are less than market charter rates, a liability is recorded, being based on the difference between the acquired
charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed
liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates,
expected future charter rates, the level of utilization of the Company&amp;#8217;s vessels and the Company&amp;#8217;s weighted average
cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could
have a material impact on the Company&amp;#8217;s financial position and results of operations.&amp;#160;&amp;#160;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0 18pt; text-align: justify"&gt;&lt;/p&gt;



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&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(m)Deferred financing costs&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Costs incurred in connection with obtaining
long-term debt and in obtaining amendments to existing facilities are recorded as deferred financing costs and are amortized to
interest expense using the effective interest method over the estimated duration of the related debt. Such costs include fees paid
to the lenders or on the lenders&amp;#8217; behalf and associated legal and other professional fees. Debt issuance costs, other than
any up-front arrangement fee for revolving credit facilities, related to a recognized debt liability are presented as a direct
deduction from the carrying amount of that debt. Arrangement fees for revolving credit facilities are shown within &amp;#8220;Other
non-current assets&amp;#8221;.&lt;/p&gt;



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&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Drydocking costs are reported in the
Consolidated Balance Sheets within &amp;#34;Deferred charges, net&amp;#34;, and include planned major maintenance and overhaul activities
for ongoing certification. The Company follows the deferral method of accounting for drydocking costs, whereby actual costs incurred
are deferred and amortized on a straight-line basis over the period until the next scheduled drydocking, which is generally five
years. Any remaining unamortized balance from the previous drydocking is written-off.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The amortization period reflects the
estimated useful economic life of the deferred charge, which is the period between each drydocking. Costs incurred during the drydocking
relating to routine repairs and maintenance are expensed. The unamortized portion of drydocking costs for vessels sold is included
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&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;&lt;b&gt;(o)Other comprehensive income/ (loss)&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Other comprehensive income/ (loss),
which is reported in the Consolidated Statements of Shareholders&amp;#8217; Equity, consists of net income (loss) and other gains
and losses affecting equity that, under U.S. GAAP, are excluded from net income (loss). Under ASU 2011-05, an entity reporting
comprehensive income in a single continuous financial statement shall present its components in two sections, net income and other
comprehensive income. As the Company does not, to date, have other comprehensive income, the accompanying Consolidated Financial
Statements only include Consolidated Statements of Income.&lt;/p&gt;



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    <gsl:AssetAcquisitionCapitalizedTransactionCosts contextRef="C_0001430725_20170101_20171231" decimals="-3" unitRef="U_iso4217USD">-11833000</gsl:AssetAcquisitionCapitalizedTransactionCosts>
    <us-gaap:SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions contextRef="From2018-01-01to2018-12-31_custom_AllSubsidiariesMember" decimals="INF" unitRef="U_pure">1</us-gaap:SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions>
    <gsl:DurationOfAgreements contextRef="From2018-01-01to2018-12-31_custom_CMACGMMember">P5Y</gsl:DurationOfAgreements>
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    <gsl:NumberOfVesselsToBeSold contextRef="AsOf2018-11-15_custom_PoseidonTransactionMember_custom_ArgosMember" decimals="INF" unitRef="U_gslVessel">1</gsl:NumberOfVesselsToBeSold>
    <us-gaap:StockholdersEquityReverseStockSplit contextRef="From2019-01-01to2019-03-25_custom_ReverseStockSplitMember_us-gaap_CommonStockMember_us-gaap_SubsequentEventMember">On March 25, 2019, the Company&#x2019;s common shares began trading on a reverse-split-adjusted basis, following approval received from the Company&#x2019;s shareholders at a Special Meeting held on March 20, 2019 and subsequently approval from the Company&#x2019;s Board of Directors to reverse split the Company&#x2019;s common shares at a ratio of one-for-eight.</us-gaap:StockholdersEquityReverseStockSplit>
    <us-gaap:CommonStockConversionFeatures contextRef="From2019-01-01to2019-01-02_us-gaap_CommonStockMember_us-gaap_SubsequentEventMember">all outstanding Class B common shares converted one - for - one to Class A common shares</us-gaap:CommonStockConversionFeatures>
    <gsl:LongtermDebtPrincipalAmountBearingInterest contextRef="AsOf2018-12-31_custom_BlueOceanCreditFacility24.5MillionMember" decimals="-3" unitRef="U_iso4217USD">18830000</gsl:LongtermDebtPrincipalAmountBearingInterest>
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      <link:footnote xlink:label="Footnote-01" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Unpaid fees related to the Poseidon Transaction (see note 1)</link:footnote>
      <link:footnote xlink:label="Footnote-02" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">All subsidiaries are 100% owned, either directly or indirectly;</link:footnote>
      <link:footnote xlink:label="Footnote-03" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">The GSL Fleet comprises the 19 vessels wholly owned by the Company prior to completion of the Poseidon Transaction;</link:footnote>
      <link:footnote xlink:label="Footnote-04" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">The Poseidon Fleet comprises the 19 vessels wholly owned by Poseidon Containers as at the completion of the Poseidon Transaction, excluding one additional vessel held for sale;</link:footnote>
      <link:footnote xlink:label="Footnote-05" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Twenty-foot Equivalent Units;</link:footnote>
      <link:footnote xlink:label="Footnote-06" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Thereafter, five years to CMA CGM at $25,910 per day.</link:footnote>
      <link:footnote xlink:label="Footnote-07" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Renamed Olivia I, effective March 19, 2019;</link:footnote>
    </link:footnoteLink>
</xbrli:xbrl>