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    <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;2. Summary of Significant Accounting
Policies&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;&lt;b&gt;(a) Basis of Presentation &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 are prepared in accordance with United States Generally Accepted Accounting Principles (&amp;#8220;U.S. GAAP&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 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&amp;#160;A common shares and Class&amp;#160;B common shares per
share amounts disclosed in the consolidated financial statements and notes give effect to the reverse stock split retroactively,
for all years presented.&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 1, 2019, the Company adopted
the requirements of ASU&amp;#160;2016-02 &amp;#8221;Leases&amp;#8221;&amp;#160; (&amp;#8220;ASC 842&amp;#8221; or &amp;#8220;the new lease standard&amp;#8221;),
applying the alternative transition method, which is consistent with the approach the Company elected under the new revenue standard
adopted as of January 1, 2018. The Company has elected to adopt the practical expedient for lessors to combine lease and&amp;#160;non-lease&amp;#160;components
of revenue earned by its vessels under time charter agreements classified as operating leases. A time charter involves placing
a vessel at the charterer&amp;#8217;s disposal for a period of time during which the charterer uses the vessel, in return for the payment
of a specified daily hire rate. Under time charters, operating costs such as for crews, maintenance and insurance are typically
paid by the owner of the vessel. The performance obligations in a time charter contract are satisfied over the term of the contract
beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. All of the Company&amp;#8217;s
time charter agreements provide for fixed consideration. The revenue earned under time charter contracts is not negotiated in separate
components. The Company assessed that the lease component included in its time charter contracts, if accounted separately, would
be classified as an operating lease. In addition, the timing and pattern of transfer of the&amp;#160;non-lease component and the associated
lease component in a time charter are the same. All of the Company&amp;#8217;s revenues for years ended December 31, 2019 and 2018
derive from time charter agreements that are classified as operating leases.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company believes that combining
the lease and&amp;#160;non-lease&amp;#160;components provides for more meaningful financial reporting as it is more reflective of the predominant
component in the time charter contracts which is the lease component.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;As a result of this adoption, there
was no cumulative impact to the Company&amp;#8217;s retained earnings at January&amp;#160;1, 2019. The comparative information has not
been revised and continues to be reported under the accounting standards in effect for those periods (ASC 840), including disclosure
requirements.&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: 9.9pt 0 0; text-align: justify"&gt;A significant portion 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, which operate in an industry that is subject to volatility.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 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, these events may give rise to 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: 9.9pt 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: 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;&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"&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: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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"&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"&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"&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"&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, 2019 (2018: $ nil).&amp;#160;&amp;#160;&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"&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: 9.9pt 0 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: 9.9pt 0 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, 2019 and 2018.&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;Management estimates the residual values
of the Company&amp;#8217;s container vessels based on a scrap value cost of steel times the weight of the vessel noted in lightweight
tons (LWT). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other
reasons. Revision of residual values affect the depreciable amount of the vessels and affects depreciation expense in the period
of the revision and future periods. Up to December 31, 2018, management estimated the residual values of its vessels based on scrap
rate of $250 per LWT. Effective January 1, 2019, following management&amp;#8217;s consideration of current market trends for scrap
rates and historical scrap rates of the residual values of the Company&amp;#8217;s vessels, the estimated scrap value per LWT was increased
to $400. This change in accounting estimates did not materially affect the statements of operations and the earnings/ (losses)
per share of the Company for the year ended 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;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 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;&lt;u&gt;Acquisition of the Poseidon
Fleet&lt;/u&gt;&lt;/i&gt;&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;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;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; width: 76%; 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="width: 2%; 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; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; width: 19%; 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 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 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 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 3)&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: 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 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&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: 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 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 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 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;&lt;b&gt;136,966&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&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"&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;b&gt;Fair Value of Consideration Given&lt;/b&gt;&lt;/p&gt;&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="border-bottom: Black 1pt solid; vertical-align: bottom; 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: 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;Amount&lt;/b&gt;&lt;/p&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;Share price as of November 15, 2018 (as adjusted for reverse stock split)&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: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;7.84&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Fair value of stock-based consideration&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;125,133&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Capitalized transaction expenses&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;11,833&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total consideration&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;&lt;b&gt;136,966&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;&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"&gt;&lt;b&gt;(j) Deferred charges, 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;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;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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: 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;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"&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;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 2019, 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 for impairment
for vessel groups where the carrying value as at December 31, 2019 might not be recoverable.&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 a result, step one of the impairment assessment
of each of the vessel groups was performed, by comparing the undiscounted projected net operating cash flows for each vessel group
to the carrying value of the vessel group. No impairment was identified for the year ended December 31, 2019.&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;As of December&amp;#160;31, 2018, it was determined
that step two of the impairment analysis was required for three vessels groups, 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 Operations, being the aggregate 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 resulted in
impairment charges of $87,624.&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"&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: 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;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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 since their initial 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, should such dividend be declared, and rank senior to the common shares with respect to dividend rights and rights
upon liquidation, dissolution or winding up of the Company.&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"&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 Operations.&lt;/p&gt;

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

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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 has awarded incentive stock
units to its management and Directors as part of their compensation.&lt;/p&gt;

&lt;p style="font: 10pt 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;Using the graded vesting method of expensing
the incentive stock unit grants, the weighted average fair value of the stock units is recognized as compensation costs in the
Consolidated Statements of Operations over the vesting period. The fair value of the incentive 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. 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"&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;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% (2018: 19%, 2017: 19%).&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"&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"&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"&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;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;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 6%; padding-top: 9.9pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 94%; padding-top: 9.9pt; 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;tr style="vertical-align: top"&gt;
    &lt;td style="padding-top: 9.9pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;(ii)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-top: 9.9pt; text-align: justify"&gt;&lt;p style="margin-top: 0; margin-bottom: 0"&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, 2019, to the extent that substantially all of the amounts are deposited with
                                                        five banks (2018; eight banks). However, the Company believes this risk is remote as the banks are high credit quality
                                                        financial institutions.&lt;/font&gt;&lt;/p&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"&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"&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;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;&lt;b&gt;Level&amp;#160;1&lt;/b&gt; &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;&lt;b&gt;Level&amp;#160;2&lt;/b&gt; &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;&lt;b&gt;Level&amp;#160;3&lt;/b&gt; &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 Operations 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, of 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 Operations.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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 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="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;4&lt;/b&gt;. &lt;b&gt;Vessels in Operation&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;Vessels in Operation as of December&amp;#160;31,
2019 and 2018 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="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;Vessel Gross 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="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;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;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="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;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="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;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="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;As of January 1, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;734,534&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 14%; 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; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 2%; 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; width: 13%; 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 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;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 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 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 style="background-color: white"&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 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 style="white-space: nowrap; 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 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 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;&lt;font style="font-size: 9pt"&gt;(139,354)&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;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="background-color: #CCECFF"&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; 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; 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="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&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;&lt;b&gt;As of December 31, 2018&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 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;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 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(111,611)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;1,112,766&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;&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;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;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&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 style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;82,559&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;&amp;#8212;&amp;#160;&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;82,559&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 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;&amp;#160;&lt;/font&gt;&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"&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;(39,739)&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;(39,739)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&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; 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; 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="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; 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;&lt;b&gt;As of December 31, 2019&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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;1,306,936&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;(151,350)&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;1,155,586&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;On December 12, 2019, the Company took delivery
of two 2004-built, 6,080 TEU containerships, GSL Vinia and GSL Christel Elisabeth, for a contract price of $12,250 each.&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 9, 2019, the Company took delivery
of a 2004-built, 7,847 TEU containership, GSL Kalliopi, for a contract price of $15,000.&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 September 9, 2019, the Company took delivery
of a 2004-built, 7,847 TEU containership, GSL Grania, for a contract price of $15,000.&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: justify"&gt;On May 28, 2019, the Company took delivery of
a 2004-built, 7,847 TEU containership, GSL Eleni, for a contract price of $18,500.&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 November&amp;#160;15, 2018, the Company completed
a transformative transaction and acquired Poseidon Containers&amp;#8217; 20 containerships, one of which, the Argos, was contracted
to be sold, which sale was completed in December 2018, which we refer to herein as the &amp;#8220;Poseidon Transaction&amp;#8221;. References
herein to the &amp;#8220;GSL Fleet&amp;#8221; are to the 19 vessels that were owned by us prior to the consummation of the Poseidon Transaction,
and references to the &amp;#8220;Poseidon Fleet&amp;#8221; are to the 19 vessels that we acquired as a result of the Poseidon Transaction,
excluding the Argos.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&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 contract price of $11,275.&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;Impairment&lt;/b&gt;&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 2019, 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 for impairment
for vessel groups where the carrying value as at December 31, 2019 might not be recoverable. Consequently, the Company performed
an impairment analysis (step one) to estimate the future undiscounted cash flows for each of their vessel groups.&amp;#160;The assessment
concluded that no impairment of vessels existed as of December&amp;#160;31, 2019, as the undiscounted projected net operating cash
flows exceeded the carrying values. Step two of the impairment analysis was not required.&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, an impairment test
was performed for the 19 vessels in the GSL Fleet, which resulted in an impairment charge on three vessels, totaling to $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;&lt;b&gt;Collateral&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2019, 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;),
one vessel of the GSL Fleet was pledged as collateral under the Hayfin Credit Facility and the vessels acquired during 2019 were
pledged under the Hellenic Bank Credit Facility (see note 11). Additionally, the loan facilities of Poseidon Fleet are collateralized
by preferred mortgages over 16 of the Poseidon vessels. Three vessels were unencumbered.&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;Advances for vessel acquisitions and other
additions&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On November 5, 2019, the  Company via its
subsidiaries, Global Ship Lease 35 and 36 agreed to purchase two 2002-built, 6,422 TEU containerships for a contract price of
$13,000 each. In connection with these acquisitions, the Company paid advances of $1,300 each. Both vessels were delivered
subsequent to the year end (see note 18).&lt;/p&gt;

&lt;p style="font: 12pt 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;The Company has made advances for the installation of scrubbers and
ballast water treatments totaling $8,191 and $nil as of December 31, 2019 and 2018, respectively.&amp;#160; It is expected that the
installations will be completed during 2020.&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
    <gsl:IntangibleLiabilityCharterAgreementsTextBlock contextRef="C_0001430725_20170101_20171231">&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"&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 Liabilities &amp;#8211; Charter Agreements as of December&amp;#160;31,
2019 and 2018 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 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;2019&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;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="width: 61%; 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: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;8,470&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; width: 13%; 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;/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;(2,000)&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="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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;(2,012)&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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;6,470&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;/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, 2019, 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,
2019 and 2018 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 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;2019&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;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="width: 61%; 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: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,400 &lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; width: 14%; 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;/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;#8212;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&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;/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;(3,933)&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 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;(704)&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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;1,467&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;/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, 2019, are expected to be fully amortized
during the second quarter of 2020.&lt;/p&gt;</gsl:IntangibleLiabilityCharterAgreementsTextBlock>
    <us-gaap:LongTermDebtTextBlock contextRef="C_0001430725_20170101_20171231">&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, 2019 and 2018 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="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2019&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: 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: 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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;340,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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: white"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less repurchases&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; 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;(17,277) &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="border-bottom: Black 1pt solid; 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;/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;2022 Notes (a)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;322,723&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-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;340,000&lt;/b&gt;&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"&gt;&lt;font style="font-size: 9pt"&gt;2024 Notes (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;39,765&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 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;DVB 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="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;45,445&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;&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;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Syndicated Senior Secured 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="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;224,800&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;&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;Blue Ocean Junior Credit Facility (e, 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;38,500&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;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"&gt;&lt;font style="font-size: 9pt"&gt;Credit Agricole 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;&amp;#8212;&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;53,069&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;Blue Ocean 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;&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="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;/tr&gt;
&lt;tr style="background-color: white"&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;ABN-AMRO 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;&amp;#8212;&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;62,189&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;ATB 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;&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="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;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Credit Agricole 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;&amp;#8212;&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;80,000&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;Deutsche, CIT,
    HCOB,  Entrust, Blue Ocean Credit Facility (l)&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;164,710&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;180,500&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"&gt;&lt;font style="font-size: 9pt"&gt;Citi Credit Facility (m) &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;12,077&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;34,800&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;Hayfin Credit Facility (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;7,129&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;8,125&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"&gt;&lt;font style="font-size: 9pt"&gt;Hellenic Bank Credit Facility (o)&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;57,700&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;&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;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;912,849&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="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;889,176&lt;/b&gt;&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"&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;(27,923)&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;(20,000)&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: Current portion of long-term debt&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;(59,609)&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;(44,088)&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"&gt;&lt;font style="font-size: 9pt"&gt;Less: Original issue discount 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;(1,859)&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;(2,659)&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: Original issue discount of 2024 Notes (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;(6)&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 style="background-color: white"&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 (s)&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;(14,095)&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;(9,299)&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="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;809,357&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; 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;813,130&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: 6.6pt 0 0"&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"&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 September 30, 2019 and December 31, 2018 the 2022 Notes
were secured by first priority vessel 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; 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 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. 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 - see note 11(m)
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;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%. In December 2019, the tender offer of $20,000 was partially accepted by the noteholders and the Company repurchased
$17,277 principal amount of the 2022 Notes at a purchase price of 102%. The balance of the offer of $2,723 was applied to repay
the Citi Credit Facility at par - see note 11(m) below. 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%, reduced by the amount of the Citi Credit Facility
repaid during 2020. 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, 2019, the outstanding balance
was $320,864, net of the outstanding balance of the original issue discount.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 6.6pt 0 0"&gt;&lt;b&gt;b) 8.00% Senior Unsecured Notes due 2024&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 November 19, 2019, the Company completed
the sale of $27,500 aggregate principal amount of its 8.00% Senior Unsecured Notes (the &amp;#8220;2024 Notes&amp;#8221;) which mature
on December 31, 2024. On November 27, 2019, the Company sold an additional $4,125 of 2024 Notes, pursuant the underwriter&amp;#8217;s
option to purchase such additional 2024 notes. Interest on the 2024 Notes is payable on the last day of February, May, August and
November of each year commencing on February 29, 2020.&lt;/p&gt;

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

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has the option to redeem the 2024
Notes for cash, in whole or in part, at any time (i) on or after December 31, 2021 and prior to December 31, 2022, at a price equal
to 102%, (ii) on or after December 31, 2022 and prior to December 31, 2023, at a price equal to 101% and (iii) on or after December
31, 2023 and prior to maturity, at a price equal to 100%.&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 November 27, 2019, the Company entered into
an &amp;#8220;At Market Issuance Sales Agreement&amp;#8221; with B. Riley FBR, Inc. (the &amp;#8220;Agent&amp;#8221;) under which and in accordance
with the Company&amp;#8217;s instructions, the Agent may offer and sell from time to time newly issued 2024 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;As of December 31, 2019, the outstanding aggregate
principal amount of the 2024 notes was $39,765 including an amount of $8,140 that comprise of newly issued 2024 notes under the
At Market Issuance Sales Agreement. The outstanding balance, net of the outstanding balance of the original issue discount, was
$39,759.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 6.6pt 0 0"&gt;&lt;b&gt;c) $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;&amp;#160;&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
are 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, 2019, the outstanding
balance on this facility was $45,446.&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"&gt;&lt;b&gt;d) $268.0 Million Syndicated Senior Secured 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;19, 2019, the Company
entered into a Syndicated Senior Secured Credit Facility in order to refinance existing credit facilities that had a maturity date
in December 2020, of an amount $224,310.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Senior Syndicated Secured Credit
Facility was agreed to be borrowed in two tranches.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Tranche A amounting to $230,000 was
drawn down in full on September 24, 2019 and is scheduled to be repaid in 20 consecutive quarterly instalments of $5,200 starting
from December 12, 2019 and a balloon payment of $126,000 payable on September 24, 2024.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The existing indebtedness that was refinanced
comprised of the following credit facilities:&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 18pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 9pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$55,700 Credit Agricole Credit Facility with an outstanding balance
of $50,961 as of September 19, 2019 (see note 11f).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 18pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 9pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$24,500 Blue Ocean Credit Facility with an outstanding balance of
$23,652 as of September 19, 2019 (see note 11g).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 18pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 9pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$65,300 ABN AMRO Credit Facility with an outstanding balance of $61,595
as of September 19, 2019 (see note 11h).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 18pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 9pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$17,100 Amsterdam Trade Bank (&amp;#8220;ATB&amp;#8221;) Credit Facility with
an outstanding balance of $12,600 as of September 19, 2019 (see note 11i).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 9.9pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 18pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 9pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;$80,000 Credit Agricole Credit Facility with an outstanding balance
of $75,500 as of September 19, 2019 (see note 11j).&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;As of December 31, 2019, the outstanding
balance of Tranche A amounted to $224,800.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Tranche B amounts to $38,000 and is
committed for eight months after the signing of the loan agreement. Upon draw down, Tranche B is scheduled to be repaid in 20 consecutive
quarterly instalments of $1,000 and a balloon payment of $18,000 payable in the termination date on the fifth anniversary from
the utilization date of Tranche A, which falls in September 24, 2024. Tranche B has not been drawn down.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The interest rate is LIBOR plus a margin
of 3.00% and is payable at each quarter end date.&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"&gt;&lt;b&gt;e) $38.5 Million Blue Ocean Junior 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;19, 2019, the Company
entered into a refinancing agreement with Blue Ocean Income Fund LP, Blue Ocean Onshore Fund LP, and Blue Ocean Investments SPC
Blue, holders of the outstanding debt of $38,500 relevant to the previous Blue Ocean Credit Facility in order to refinance that
existing facility with the only substantive change being to extend maturity at the same date with the Syndicated Senior Secured
Credit Facility (see note 11k).&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company fully drew down the facility
on September 23, 2019 and it is scheduled to be repaid in a single instalment on the termination date which falls on September
24, 2024.&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 10.00%
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, 2019, the outstanding
balance on this facility amounted to $38,500.&amp;#9;&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: 6.6pt 0 0"&gt;&lt;b&gt;f) $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 was
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 had a repayment schedule
along with a cash sweep clause, whereby the excess cash flows would be used against the outstanding balance of the facility and
would be specifically applied to the prepayment of the balloon instalment up to a specific amount. Tranche A amounting to $19,400
was 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 was 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 was 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 would 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 carried 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 September 23, 2019, the outstanding
balance on this facility amounted to $50,961 was fully refinanced by the Syndicated Senior Secured Credit Facility (see note 11d).&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: 6.6pt 0 0"&gt;&lt;b&gt;g) $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 was 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 had a following repayment
schedule along with a cash sweep clause, whereby the excess cash flows would be used against the outstanding balance on the facility
and would be specifically applied to the prepayment of the balloon instalment up to a specific amount. The facility was 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 4.00% 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 September 24, 2019, the outstanding
balance on this facility amounted to $23,652 was fully refinanced by the Syndicated Senior Secured Credit Facility (see note 11d).&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: 6.6pt 0 0"&gt;&lt;b&gt;h) $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; text-align: justify"&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 was 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 had a following repayment
schedule along with a cash sweep clause, whereby the excess cash flows would be used against the outstanding balance on the facility
and would be specifically applied to the prepayment of the balloon instalment up to a specific amount. The facility was 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 September 24, 2019, the outstanding
balance on this facility amounted to $61,595 was fully refinanced by the Syndicated Senior Secured Credit Facility (see note 11d).&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: 6.6pt 0 0"&gt;&lt;b&gt;i) $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: 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 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 was 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 had a following repayment
schedule along with a cash sweep clause, whereby the excess cash flows would be used against the outstanding balance on the facility
and would be specifically applied to the prepayment of the balloon instalment up to a specific amount. Each Tranche was 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 September 27, 2019, the outstanding
balance on this facility amounted to $12,600 was fully refinanced by the Syndicated Senior Secured Credit Facility (see note 11d).&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"&gt;&lt;b&gt;j) $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, Alexis, (previously named UASC Bubiyan) and Olivia
I (previously named UASC Yas) on the date of completion of the transaction of $80,000 with Credit Agricole. The agreement was dated
October 3, 2018, with initial drawdown amount of $80,000 and final maturity of June 30, 2020. An amendment to the agreement was
entered into on April 22, 2019, whereby the final maturity date was amended to April 5, 2021 and the number of quarterly repayments
increased from six to 10.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Facility was repayable in 10 equal
quarterly instalments of $1,500 each with a final balloon of $65,000 payable together with the final 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 September 24, 2019, the outstanding
balance on this facility amounted to $75,500 was fully refinanced by the Syndicated Senior Secured Credit Facility (see note 11d).&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;&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"&gt;&lt;b&gt;k) $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 Olivia I (ex. UASC Yas) on the date
of completion of the transaction of $38,500 with Blue Ocean. The agreement was 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 10.00% fixed payable quarterly in arrears.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 3.7pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 3.7pt 0 0; text-align: justify"&gt;As of September 19, 2019, the outstanding
balance on this facility amounted to $38,500 was refinanced by the Blue Ocean Junior Credit Facility (see note 11e).&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 3.7pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 6.6pt 0 0"&gt;&lt;b&gt;l)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;$180.5 Million
Deutsche, CIT,  HCOB, Entrust, 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 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 Hamburg
Commercial Bank AG (&amp;#8220;HCOB&amp;#8221;), Deutsche Bank AG and CIT Bank N.A and the Lenders of the Junior Facility are Blue
Ocean GP LLC, 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"&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 is comprised of
three Tranches. Tranche A relates to Al Khor and is repayable in 14 instalments of $868, and a final instalment of $35,148. Tranche
B relates to Anthea Y and is repayable in 14 instalments of $863 and a final instalment of $35,218. Tranche C relates to Maira
XL and is repayable in 14 instalments of $858 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 3.00% 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, 2019, the outstanding
balance on the Senior Facility was $129,487.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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 is comprised of
three Tranches. Tranche A relates to Al Khor and is repayable in 14 instalments of $236 and a final instalment of $9,563. Tranche
B relates to Anthea Y and is repayable in 14 instalments of $235 and a final instalment of $9,577. Tranche C relates to Maira XL
and is repayable in 14 instalments of $233 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 10.00% 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, 2019, the outstanding
balance on the Junior Facility was $35,223.&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"&gt;&lt;b&gt;m) $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; color: red"&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 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, 2019, the outstanding balance
on this facility was $12,077.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"&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"&gt;&lt;b&gt;n) $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 provided
for a secured term loan facility of up to $65,000. The Hayfin Credit Facility was to be borrowed in tranches and was 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, was 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 LIBOR plus a margin of 5.5% and is payable at each quarter end date. A commitment fee
of 2.0% per annum was due on the undrawn commitments until May&amp;#160;10, 2019 when the availability period was terminated.&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 vessel 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.&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, 2019, the outstanding
balance of this facility was $7,129.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"&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"&gt;&lt;b&gt;o) $59.0 Million Hellenic Bank 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 May 23, 2019, the  Company via
its subsidiaries, Global Ship Lease 30, 31 and 32 entered into a facility agreement with Hellenic Bank for an amount up to
$37,000. The Hellenic Bank Facility is to be borrowed in tranches and is to be used in connection with the acquisition of the
vessels GSL Eleni, GSL Grania and GSL Kalliopi (see note 4).&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;An initial tranche of $13,000 was drawn
on May&amp;#160;24, 2019, in connection with the acquisition of the GSL Eleni. The Facility is repayable in 20 equal quarterly instalments
of $450 each with a final balloon of $4,000 payable together with the final instalment.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;A second tranche of $12,000 was drawn
on September 4, 2019, in connection with the acquisition of GSL Grania. The Facility is repayable in 20 equal quarterly instalments
of $400 each with a final balloon of $4,000 payable together with the final instalment.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The third tranche of $12,000 was drawn
on October 3, 2019, in connection with the acquisition of GSL Kalliopi. The Facility is repayable in 20 equal quarterly instalments
of $400 each with a final balloon of $4,000 payable together with the final instalment.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On December 10, 2019, the Company via
its subsidiaries Global Ship Lease 33, 34 entered into an amended and restated loan agreement with Hellenic Bank for an additional
facility of amount $22,000 that is to be borrowed in two tranches and to be used in connection with the acquisition of the vessels
GSL Vinia and GSL Christel Elisabeth. Both tranches were drawn on December 10, 2019 and are each repayable in 20 equal quarterly
instalments of $375 each with a final balloon of $3,500 payable together with the final 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 3.90% per annum.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-align: justify"&gt;As of December 31, 2019, the outstanding
balance of this facility was $57,700.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 6.6pt 0 0"&gt;&lt;b&gt;p) $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: 6.6pt 0 0"&gt;&lt;b&gt;q) 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, 2019 are as follows:&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 6.6pt 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&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 year ended&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&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="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;December 31, 2020&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="vertical-align: bottom; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;87,532&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;December 31, 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="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;82,848&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;December 31, 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="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;438,408&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;December 31, 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="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;33,975&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;December 31, 2024 and thereafter&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;270,086&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="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; 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 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;912,849&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; color: red"&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"&gt;&lt;b&gt;r) Deferred Financing Costs&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;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;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: top; 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&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;2019&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; 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; vertical-align: top; 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&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;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: top; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Opening balance&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;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;9,299&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 13%; 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 style="background-color: white"&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Expenditure in the period&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;7,904&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; 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;307&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Amortization included within interest expense&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;(3,108) &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; 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;(3,826)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&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-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;14,095&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; 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;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;In 2019, total costs amounting $4,726
were incurred in connection with the Syndicated Senior Secured Credit Facility (see note 11d) and the Blue Ocean Junior Credit
Facility (see note 11e) utilized for the refinance of certain then-existed credit facilities. Further, total costs amounting $2,426
were incurred in connection with the issuance of 2024 Notes (see note 11b). Additionally, total costs amounting to $752 were incurred
in connection with the Hellenic Bank Credit Facility (see note 11o). These costs are being amortized on an effective interest rate
basis over the life of the financings for which they were incurred.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;In 2018, costs amounting to $307 were
incurred in connection with the Hayfin Credit Facility (see note 11n). 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.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;In addition, the Company incurred costs
during 2018 amounting to $2,055 in relation to the agreement and initial drawdown of the Hayfin Credit Facility. The arrangement
fees for the Term Loan Facility were presented as Other Non Current Assets and amortized on a straight line basis over the Availability
Period. Debt issuance costs for each tranche drawn down, were presented as a direct deduction from the carrying amount of that
debt and amortized on a straight line basis over the life of the term loan remaining. The unamortised balance as of December 31,
2018 amounting to $948 was written off during the second quarter of 2019 when the availability period was terminated.&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: 6.6pt 0 0; text-align: justify"&gt;&lt;b&gt;s) Debt covenants-securities&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;&amp;#160;&lt;/b&gt;&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; text-align: justify"&gt;As of December 31, 2019 and December 31, 2018,
the Company was in compliance with its debt covenants.&lt;/p&gt;</us-gaap:LongTermDebtTextBlock>
    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;13&lt;/b&gt;. &lt;b&gt;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;CMA CGM is presented as a related party
due to the fact that as of December 31, 2019, it was a significant shareholder of the Company, owning Class A common shares representing
11.20% and as of December 31, 2018, owning Class A and Class B common shares representing 15.55% 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. As of December 31, 2019, no charter hires were outstanding from the charterer. Revenues generated from
charters to CMA CGM are presented in the Consolidated Statements of Operations. The outstanding receivables due from CMA CGM are
presented in the Consolidated Balance Sheets under &amp;#34;Due from related parties&amp;#34; totaling $2,968 and $817 as of December&amp;#160;31,
2019 and December&amp;#160;31, 2018, 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 ship operating necessities, including the arrangement and management of dry-docking. As of December 31, 2019, the management
of the Company&amp;#8217;s fleet was performed solely by Technomar.&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 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 paid CMA Ships an annual management fee of $123 per vessel (2018: $123, 2017:
$nil) and reimbursed 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, 2019 amounted to $9,159 and $720, respectively (year ended December
31, 2018: Technomar-$722 and CMA Ships-$967 and year ended December 31, 2017: Technomar-$nil and CMA Ships-$1,599) and are shown
in vessel operating expenses-related parties in the Consolidated Statements of Operations. As of December 31, 2019, no outstanding
fees are presented due to Technomar and CMA Ships (December 31, 2018: Technomar: $1,362 and CMA Ships: $1,829). Additionally, as
of December 31, 2019, outstanding receivables due from Technomar and CMA Ships totaling to $855 and $37 respectively are presented
under &amp;#8220;Due from related parties&amp;#8221;.&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 the sole beneficial owner. 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 seven vessels
up to December 31, 2019; for all new acquired vessels during 2019, the agreements were effective since the commencement of their
operations.&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, 2019 amounted to $1,845 (2018: $222 and 2017: $nil) and are disclosed within time charter and voyage
costs-related parties in the Consolidated Statements of Operations.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Any outstanding fees due to Conchart
are presented in the Consolidated Balance Sheets under &amp;#34;Due to related parties&amp;#34; totaling to $109 and $113 as of December&amp;#160;31,
2019 and 2018, respectively.&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;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
    <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;15&lt;/b&gt;. &lt;b&gt;Share Capital&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&gt;&lt;b&gt;Common 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;As of December 31, 2019, the Company
had one class of 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 October 1, 2019, the Company closed
a public offering of 7,613,788 Class A common shares, at an offering price of $7.25 per share, for gross proceeds of $55,200.&amp;#160;This
included the exercise in full by the underwriter of its option to purchase additional shares. The net proceeds, after underwriting
discounts and commissions and expenses, amounted to $50,710 and are to be used for general corporate purposes, including the acquisition
of containerships or the prepayment of debt.&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 (see 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. As part 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 part 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: 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).&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&gt;&lt;b&gt;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;On December 10, 2019, the Company entered
into At Market Issuance Sales Agreement with B. Riley FBR under which the Company may, from time to time, issue depositary shares,
each of which represents 1/100th 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;). In 2019, the Company issued 428 Series B Preferred Shares for net proceeds of $856.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On August 20, 2014, the Company issued
1,400,000 Series B Preferred Shares. 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;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).&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;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;/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;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
    <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="C_0001430725_20170101_20171231">&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;In July 2019, the Compensation Committee
of the Board of Directors approved stock-based awards to senior management under the Company&amp;#8217;s 2019 Omnibus Incentive Plan
(the &amp;#8220;2019 Plan&amp;#8221;). A total of 1,359,375 shares of incentive stock may be issued pursuant to the awards, in four tranches.
The first tranche is to vest conditioned only on continued service over the three year period which commenced
January 1, 2019. Tranches two, three and four will vest when the Company&amp;#8217;s stock price exceeds $8.00, $11.00 and $14.00,
respectively, over a 60 day period. The $8.00 threshold was achieved in January 2020.&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 Plan 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.&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;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;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;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;Share based awards, are summarized 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&gt;
    &lt;td style="border-bottom: white 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&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 colspan="7" style="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; 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;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; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="7" style="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Number of Units&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; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Management&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: 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 colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; 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;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="border-top: 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-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; 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;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 rowspan="2" style="width: 39%; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Unvested as at January 1, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="width: 2%; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; width: 2%; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; width: 15%; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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 rowspan="2" style="width: 2%; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; width: 4%; background-color: #CFF0FC; 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 rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; width: 16%; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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 rowspan="2" style="width: 2%; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; width: 17%; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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 style="width: 1%"&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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Granted in 2017&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 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;#8212;&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 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;#8212;&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 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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 style="background-color: #CFF0FC; 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: #CFF0FC; 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: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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 style="background-color: #CFF0FC; 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: #CFF0FC; 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 1pt solid; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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="background-color: #CFF0FC; 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: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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="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;Granted on January 8, 2018&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&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;25,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&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;9.28&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&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;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="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Granted on March 1, 2018&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;25,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;9.04&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Vested on November 15, 2018&lt;/font&gt;&lt;/td&gt;
    &lt;td style="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;(112,500)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; 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: 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;n/a&lt;/font&gt;&lt;/td&gt;
    &lt;td style="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;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="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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 style="background-color: #CFF0FC; 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: #CFF0FC; 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: #CFF0FC; 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;td style="background-color: #CFF0FC; 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: #CFF0FC; 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 1pt solid; background-color: #CFF0FC; 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;td style="background-color: #CFF0FC; 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: #CFF0FC; 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;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td rowspan="2" 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;Granted on January 1, 2019&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" 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 rowspan="2" 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 rowspan="2" 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;1,359,375&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" 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 rowspan="2" 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 rowspan="2" 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;3.79&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" 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 rowspan="2" 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;&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&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="border-bottom: white 2.25pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Unvested as at December 31, 2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;1,359,375&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#160;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;3.79&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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;/table&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: 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 Operations 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. 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 result 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 the year ended December 31, 2018,
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&amp;#160;31,
2019, the Company recognized a total of $1,717 (2018: $50 and 2017: $272), in respect of stock based compensation.&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;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
    <us-gaap:EarningsPerShareTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;17&lt;/b&gt;. &lt;b&gt;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;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 net income allocated to Class A and Series C shares 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;Earnings/ (losses) are only allocated
to participating securities in a period of net income/ (loss) if, based on the contractual terms, the relevant common shareholders
have an obligation to participate in such earnings. No such obligation exists for Class&amp;#160;B common shareholders as at December
31, 2019, as they have converted to Class A common shares on a one-for-one basis on January 2, 2019 (see note 15). As a result,
earnings would only be allocated to the Class&amp;#160;A common shareholders and Series C preferred shareholders.&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, 2019, there were 1,359,375
shares of restricted stock units granted and unvested as part of management&amp;#8217;s equity incentive plan. 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="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; width: 51%; 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="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2019&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="border-bottom: Black 1pt solid; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 14%; 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="border-bottom: Black 1pt solid; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 13%; 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;/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 income/(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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;36,757&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/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;(60,426)&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;/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;(77,328)&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 (income)/ loss attributable to Series C participating preferred shares&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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;&amp;#160;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;(19,190)&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="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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"&gt;&amp;#160;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;12,110&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="border-bottom: Black 1pt solid; vertical-align: bottom; 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;&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 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 income/(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"&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;17,567&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;&amp;#160;&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;(48,316)&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; 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;
        &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;(77,328)&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 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; text-indent: 9pt"&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 income/(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; 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;17,567&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;(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;/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; text-align: right; text-indent: 9pt"&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: 9.05pt"&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; 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; text-align: right; text-indent: 9pt"&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"&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;11,859,506&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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;6,514,390&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;5,946,986&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; 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: 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;50,000&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;Dilutive effect of share-based awards&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;5,996,986&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&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&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;11,859,506&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="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; 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: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; 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;/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;Plus weighted average number of RSUs with service conditions&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;47,400&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; 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 style="background-color: white"&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, dilutive&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;11,906,906&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="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; vertical-align: top; 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: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; 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;/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;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; 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="border-top: 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="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; text-align: right; text-indent: 9pt"&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; 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: 9.05pt"&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; 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="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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; text-align: right; text-indent: 9pt"&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 earnings/(losses) 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: 9.05pt"&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;1.48&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;(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;(12.89)&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="vertical-align: top; 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 style="background-color: white"&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-indent: 9pt"&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: 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; text-align: right"&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="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;Diluted earnings/ (losses) 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="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; 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; text-align: right"&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: white"&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; 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;1.48&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;(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;(12.89)&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="vertical-align: top; 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; 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 style="background-color: white"&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-indent: 9pt"&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: 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; text-align: right"&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="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 earnings 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: 9.05pt"&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 income 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;19,190&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;(12,110)&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; 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 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; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;12,955,187&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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1,632,709&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&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;Plus weighted average number of RSUs with service conditions&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;51,780&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;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;Dilutive weighted average number of Series C Preferred shares outstanding, as converted&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;13,006,967&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;1,632,709&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;&lt;font style="font-size: 9pt"&gt;Basic earnings / (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; 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;1.48&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;(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;/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;Diluted earnings / (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; 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;1.48&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;(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;/tr&gt;
&lt;/table&gt;</us-gaap:EarningsPerShareTextBlock>
    <us-gaap:SubsequentEventsTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;18&lt;/b&gt;. &lt;b&gt;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 29, 2020, the Company took
delivery of a 2002-built, 6,422 TEU containership for a purchase price of $13,000 (see note 4).&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On February 21, 2020, the Company took
delivery of a further 2002-built, 6,422 TEU containership, for a purchase price of $13,000 (see note 4).&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;Subsequent to the year end, DVB&amp;#8217;s
outstanding credit facility that matured on December 31, 2020, was fully refinanced through the utilization of Tranche B of the
$268,000 Syndicated Senior Secured Credit Facility (see note 11d) and an additional facility of $9,000 that the Company entered
on February 26, 2020, with an international bank and secured by &lt;i&gt;Maira&lt;/i&gt;, &lt;i&gt;Nikolas&lt;/i&gt; and &lt;i&gt;Newyorker&lt;/i&gt;.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On February 10, 2020, the Company completed
an optional redemption of $46,000 aggregate principal amount of its 2022 Notes at a redemption price of $48,271 (representing 104.938%
of the aggregate principal amount) plus accrued and unpaid interest.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;After the year end and up to March 31,
2020, the Company in connection with the At Market Issuance Sales Agreements (see notes 11b and 15) has received net proceeds of
$4,013 from the issuance of Series B Preferred Shares and an $18,844 from the offer and sale of new issued issuance of 2024 Notes.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;On March 5, 2020, a dividend of $0.546875
per Series B Preferred Share was announced for the first quarter 2020.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;In March 2020, pending disposal, the
Company agreed to a short term charter to commence April 4, 2020, for GSL Matisse, at a confidential rate.&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;COVID-19 Outbreak: The outbreak of
the novel coronavirus (COVID-19) that originated in China in December 2019 and that, as of the date of this report, has spread
to most developed nations of the world has resulted in the implementation of numerous actions taken by governments and governmental
agencies in an attempt to control or mitigate the spread of the virus. These measures have resulted in a significant reduction
in global economic activity and uncertainty in the global financial markets. When these measures and the resulting economic impact
will end and what the long-term impact of such measures is on the global economy cannot be known at this time. A significant reduction
in manufacturing and other economic activities has and will continue to have a material and adverse impact on the global production
and supply of the goods that our customers transport on our vessels. The scale and duration, as well as the impact, of these factors,
while currently uncertain, could have a material and adverse impact on our earnings, cash flows and financial condition for 2020.
Accordingly, an estimate of the impact cannot be made at this time.&amp;#160;&amp;#160;&lt;/p&gt;</us-gaap:SubsequentEventsTextBlock>
    <us-gaap:UseOfEstimates contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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;</us-gaap:UseOfEstimates>
    <us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
    <us-gaap:TradeAndOtherAccountsReceivablePolicy contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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, 2019 (2018: $ nil).&amp;#160;&amp;#160;&lt;/p&gt;</us-gaap:TradeAndOtherAccountsReceivablePolicy>
    <gsl:PreferredSharesPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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 since their initial 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, should such dividend be declared, and rank senior to the common shares with respect to dividend rights and rights
upon liquidation, dissolution or winding up of the Company.&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;</gsl:PreferredSharesPolicyTextBlock>
    <us-gaap:RevenueRecognitionPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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;</us-gaap:RevenueRecognitionPolicyTextBlock>
    <us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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;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;</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="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;Vessel Gross 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="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;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;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="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;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="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;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="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;As of January 1, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;734,534&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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;(148,014)&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"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 2%; 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; 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;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 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;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 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 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 style="background-color: white"&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 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 style="white-space: nowrap; 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 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 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;&lt;font style="font-size: 9pt"&gt;(139,354)&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;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="background-color: #CCECFF"&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; 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; 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="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&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;&lt;b&gt;As of December 31, 2018&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 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;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 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;(111,611)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;1,112,766&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;&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;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;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&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 style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;82,559&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;&amp;#8212;&amp;#160;&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;82,559&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 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;&amp;#160;&lt;/font&gt;&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"&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;(39,739)&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;(39,739)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&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; 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; 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="border-bottom: Black 1pt solid; 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; 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="border-bottom: Black 1pt solid; 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; 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;&lt;b&gt;As of December 31, 2019&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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;1,306,936&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;(151,350)&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;1,155,586&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: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 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;2019&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;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="width: 61%; 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: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,400 &lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; width: 14%; 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;/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;#8212;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&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;/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;(3,933)&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 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;(704)&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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;1,467&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&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 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;2019&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;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CFF0FC"&gt;
    &lt;td style="width: 61%; 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: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;8,470&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; width: 13%; 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;/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;(2,000)&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="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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;(2,012)&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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;6,470&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&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="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2019&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: 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: 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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;340,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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: white"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Less repurchases&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; 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;(17,277) &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="border-bottom: Black 1pt solid; 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;/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;2022 Notes (a)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;322,723&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-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;340,000&lt;/b&gt;&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"&gt;&lt;font style="font-size: 9pt"&gt;2024 Notes (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;39,765&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 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;DVB 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="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;45,445&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;&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;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Syndicated Senior Secured 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="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;224,800&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;&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;Blue Ocean Junior Credit Facility (e, 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;38,500&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;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"&gt;&lt;font style="font-size: 9pt"&gt;Credit Agricole 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;&amp;#8212;&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;53,069&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;Blue Ocean 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;&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="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;/tr&gt;
&lt;tr style="background-color: white"&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;ABN-AMRO 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;&amp;#8212;&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;62,189&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;ATB 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;&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="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;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Credit Agricole 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;&amp;#8212;&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;80,000&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;Deutsche, CIT,
    HCOB, Entrust, Blue Ocean Credit Facility (l)&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;164,710&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;180,500&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"&gt;&lt;font style="font-size: 9pt"&gt;Citi Credit Facility (m) &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;12,077&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;34,800&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;Hayfin Credit Facility (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;7,129&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;8,125&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"&gt;&lt;font style="font-size: 9pt"&gt;Hellenic Bank Credit Facility (o)&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;57,700&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;&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;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;912,849&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="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;889,176&lt;/b&gt;&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"&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;(27,923)&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;(20,000)&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: Current portion of long-term debt&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;(59,609)&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;(44,088)&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"&gt;&lt;font style="font-size: 9pt"&gt;Less: Original issue discount 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;(1,859)&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;(2,659)&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: Original issue discount of 2024 Notes (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;(6)&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 style="background-color: white"&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 (s)&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;(14,095)&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;(9,299)&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="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;809,357&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; 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;813,130&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 year ended&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&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="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;December 31, 2020&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="vertical-align: bottom; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;87,532&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;December 31, 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="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;82,848&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;December 31, 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="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;438,408&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;December 31, 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="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;33,975&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;December 31, 2024 and thereafter&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;270,086&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="border-top: Black 1pt solid; vertical-align: top; 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="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;912,849&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&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: top; 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&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;2019&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; 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; vertical-align: top; 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&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;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: top; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Opening balance&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;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;9,299&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; width: 13%; 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 style="background-color: white"&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Expenditure in the period&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;7,904&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; 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;307&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Amortization included within interest expense&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;(3,108) &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; 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;(3,826)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&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-top: Black 1pt solid; vertical-align: top; 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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;14,095&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; vertical-align: top; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; vertical-align: top; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; vertical-align: top; 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;9,299&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&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&gt;
    &lt;td style="border-bottom: white 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&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 colspan="7" style="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; 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;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; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="7" style="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Number of Units&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; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Management&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: 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 colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; 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;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="border-top: 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-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; 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;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 rowspan="2" style="width: 39%; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Unvested as at January 1, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="width: 2%; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; width: 2%; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; width: 15%; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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 rowspan="2" style="width: 2%; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; width: 4%; background-color: #CFF0FC; 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 rowspan="2" style="border-top: Black 1pt solid; width: 16%; border-bottom: black 1pt solid; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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 rowspan="2" style="width: 2%; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; width: 17%; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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 style="width: 1%"&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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Granted in 2017&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 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;#8212;&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 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;#8212;&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 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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 style="background-color: #CFF0FC; 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: #CFF0FC; 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: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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 style="background-color: #CFF0FC; 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: #CFF0FC; 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 1pt solid; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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="background-color: #CFF0FC; 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: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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="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;Granted on January 8, 2018&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&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;25,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&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;9.28&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&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;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="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Granted on March 1, 2018&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;25,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;9.04&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Vested on November 15, 2018&lt;/font&gt;&lt;/td&gt;
    &lt;td style="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;(112,500)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="background-color: white; 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: 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;n/a&lt;/font&gt;&lt;/td&gt;
    &lt;td style="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;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="background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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 style="background-color: #CFF0FC; 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: #CFF0FC; 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: #CFF0FC; 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;td style="background-color: #CFF0FC; 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: #CFF0FC; 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 1pt solid; background-color: #CFF0FC; 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;td style="background-color: #CFF0FC; 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: #CFF0FC; 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;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td rowspan="2" 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;Granted on January 1, 2019&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" 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 rowspan="2" 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 rowspan="2" 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;1,359,375&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" 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 rowspan="2" 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 rowspan="2" 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;3.79&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" 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 rowspan="2" 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;&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&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="border-bottom: white 2.25pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Unvested as at December 31, 2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;1,359,375&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;&amp;#160;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;3.79&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: white 2.25pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt double; background-color: #CFF0FC; padding-right: 5.4pt; padding-left: 5.4pt; 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;/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: 51%; 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="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2019&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="border-bottom: Black 1pt solid; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 14%; 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="border-bottom: Black 1pt solid; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 13%; 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;/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 income/(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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;36,757&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;$&lt;/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;(60,426)&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;/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;(77,328)&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 (income)/ loss attributable to Series C participating preferred shares&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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;&amp;#160;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;(19,190)&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="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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"&gt;&amp;#160;&lt;/p&gt;
        &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;12,110&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="border-bottom: Black 1pt solid; vertical-align: bottom; 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;&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 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 income/(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"&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;17,567&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;&amp;#160;&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;(48,316)&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; 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;
        &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;(77,328)&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 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; text-indent: 9pt"&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 income/(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; 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;17,567&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;(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;/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; text-align: right; text-indent: 9pt"&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: 9.05pt"&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; 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; text-align: right; text-indent: 9pt"&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"&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;11,859,506&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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;6,514,390&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;5,946,986&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; 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: 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;50,000&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;Dilutive effect of share-based awards&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;5,996,986&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&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&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;11,859,506&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="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; 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: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; 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;/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;Plus weighted average number of RSUs with service conditions&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;47,400&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; 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 style="background-color: white"&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, dilutive&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;11,906,906&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="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; vertical-align: top; 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: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; 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;/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;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; 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="border-top: 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="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; text-align: right; text-indent: 9pt"&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; 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: 9.05pt"&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; 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="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#160;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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; text-align: right; text-indent: 9pt"&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 earnings/(losses) 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: 9.05pt"&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;1.48&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;(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;(12.89)&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="vertical-align: top; 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 style="background-color: white"&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-indent: 9pt"&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: 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; text-align: right"&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="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;Diluted earnings/ (losses) 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="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; 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; text-align: right"&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: white"&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; 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;1.48&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;(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;(12.89)&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="vertical-align: top; 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; 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 style="background-color: white"&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-indent: 9pt"&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: 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; text-align: right"&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="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 earnings 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: 9.05pt"&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 income 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;19,190&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;(12,110)&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; 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 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; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;12,955,187&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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1,632,709&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&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;Plus weighted average number of RSUs with service conditions&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;51,780&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;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;Dilutive weighted average number of Series C Preferred shares outstanding, as converted&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;13,006,967&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;1,632,709&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;&lt;font style="font-size: 9pt"&gt;Basic earnings / (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; 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;1.48&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;(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;/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;Diluted earnings / (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; 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;1.48&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;(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;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
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    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2019-12-31_custom_DVBCreditFacility52.6MillionMember_custom_TrancheDMember" decimals="-3" unitRef="U_iso4217USD">31500000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
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    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2019-12-31_custom_ABNAMROCreditFacility65.3MillionMember" decimals="-3" unitRef="U_iso4217USD">60800000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
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    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2019-12-31_custom_CreditAgricoleCreditFacility55.7MillionMember_custom_TrancheCMember" decimals="-3" unitRef="U_iso4217USD">22350000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2019-12-31_custom_SeniorFacilityMember_custom_TrancheAMember" decimals="-3" unitRef="U_iso4217USD">35148000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2019-12-31_custom_JuniorFacilityMember_custom_TrancheCMember" decimals="-3" unitRef="U_iso4217USD">9604000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
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    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2019-12-31_custom_TrancheCMember_custom_SeniorFacilityMember" decimals="-3" unitRef="U_iso4217USD">35288000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2019-12-31_custom_JuniorFacilityMember_custom_TrancheAMember" decimals="-3" unitRef="U_iso4217USD">9563000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2019-12-31_custom_JuniorFacilityMember_custom_TrancheBMember" decimals="-3" unitRef="U_iso4217USD">9577000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2019-12-31_custom_SyndicatedSeniorSecuredCreditFacility268.0MillionMember_custom_TrancheAMember" decimals="-3" unitRef="U_iso4217USD">126000000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2019-12-31_custom_SyndicatedSeniorSecuredCreditFacility268.0MillionMember_custom_TrancheBMember" decimals="-3" unitRef="U_iso4217USD">18000000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2019-12-31_custom_HellenicBankCreditFacility59.0MillionMember_custom_TrancheCMember" decimals="-3" unitRef="U_iso4217USD">4000000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2019-12-31_custom_HellenicBankCreditFacility59.0MillionMember_custom_TrancheAMember" decimals="-3" unitRef="U_iso4217USD">4000000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2019-12-31_custom_HellenicBankCreditFacility59.0MillionMember_custom_TrancheBMember" decimals="-3" unitRef="U_iso4217USD">4000000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2019-12-31_custom_HellenicBankCreditFacility59.0MillionMember_custom_AmendedAndRestatedLoanAgreementMember" decimals="-3" unitRef="U_iso4217USD">3500000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="From2019-01-01to2019-12-31_custom_CreditAgricoleCreditFacility55.7MillionMember">LIBOR plus a margin</us-gaap:LineOfCreditFacilityInterestRateDescription>
    <us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="From2019-01-01to2019-12-31_custom_DVBCreditFacility52.6MillionMember">LIBOR plus a margin</us-gaap:LineOfCreditFacilityInterestRateDescription>
    <us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="From2019-01-01to2019-12-31_custom_ABNAMROCreditFacility65.3MillionMember">LIBOR plus a margin</us-gaap:LineOfCreditFacilityInterestRateDescription>
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    <us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="From2019-01-01to2019-12-31_custom_CreditAgricoleCreditFacility80MillionMember">LIBOR plus a margin</us-gaap:LineOfCreditFacilityInterestRateDescription>
    <us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="From2019-01-01to2019-12-31_custom_CitiCreditFacility54.8MillionMember">LIBOR plus a margin</us-gaap:LineOfCreditFacilityInterestRateDescription>
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    <us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="From2019-01-01to2019-12-31_custom_BlueOceanCreditFacility24.5MillionMember">LIBOR plus a margin</us-gaap:LineOfCreditFacilityInterestRateDescription>
    <us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="From2019-01-01to2019-12-31_custom_SeniorFacilityMember">LIBOR</us-gaap:LineOfCreditFacilityInterestRateDescription>
    <us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="From2019-01-01to2019-12-31_custom_JuniorFacilityMember">LIBOR</us-gaap:LineOfCreditFacilityInterestRateDescription>
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    <us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="From2019-01-01to2019-12-31_custom_HellenicBankCreditFacility59.0MillionMember">LIBOR plus a margin</us-gaap:LineOfCreditFacilityInterestRateDescription>
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    <gsl:LineOfCreditFacilityNumberOfRepaymentInstalment contextRef="From2019-01-01to2019-12-31_custom_CreditAgricoleCreditFacility80MillionMember" decimals="INF" unitRef="U_pure">10</gsl:LineOfCreditFacilityNumberOfRepaymentInstalment>
    <gsl:LineOfCreditFacilityNumberOfRepaymentInstalment contextRef="From2019-01-01to2019-12-31_custom_BlueOceanCreditFacility38.5Member" decimals="INF" unitRef="U_pure">1</gsl:LineOfCreditFacilityNumberOfRepaymentInstalment>
    <gsl:LineOfCreditFacilityNumberOfRepaymentInstalment contextRef="From2019-01-01to2019-12-31_custom_BlueOceanCreditFacility24.5MillionMember" decimals="INF" unitRef="U_pure">4</gsl:LineOfCreditFacilityNumberOfRepaymentInstalment>
    <gsl:LineOfCreditFacilityNumberOfRepaymentInstalment contextRef="From2019-01-01to2019-12-31_custom_DVBCreditFacility52.6MillionMember_custom_TrancheAMember" decimals="INF" unitRef="U_pure">4</gsl:LineOfCreditFacilityNumberOfRepaymentInstalment>
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    <gsl:LineOfCreditFacilityNumberOfRepaymentInstalment contextRef="From2019-01-01to2019-12-31_custom_CreditAgricoleCreditFacility55.7MillionMember_custom_TrancheAMember" decimals="INF" unitRef="U_pure">4</gsl:LineOfCreditFacilityNumberOfRepaymentInstalment>
    <gsl:LineOfCreditFacilityNumberOfRepaymentInstalment contextRef="From2019-01-01to2019-12-31_custom_CreditAgricoleCreditFacility55.7MillionMember_custom_TrancheBMember" decimals="INF" unitRef="U_pure">4</gsl:LineOfCreditFacilityNumberOfRepaymentInstalment>
    <gsl:LineOfCreditFacilityNumberOfRepaymentInstalment contextRef="From2019-01-01to2019-12-31_custom_CreditAgricoleCreditFacility55.7MillionMember_custom_TrancheCMember" decimals="INF" unitRef="U_pure">4</gsl:LineOfCreditFacilityNumberOfRepaymentInstalment>
    <gsl:LineOfCreditFacilityNumberOfRepaymentInstalment contextRef="From2019-01-01to2019-12-31_custom_AmsterdamTradeBankATB17.1MillionMember_custom_EachTrancheMember" decimals="INF" unitRef="U_pure">4</gsl:LineOfCreditFacilityNumberOfRepaymentInstalment>
    <gsl:LineOfCreditFacilityNumberOfRepaymentInstalment contextRef="From2019-01-01to2019-12-31_custom_SeniorFacilityMember_custom_TrancheAMember" decimals="INF" unitRef="U_pure">14</gsl:LineOfCreditFacilityNumberOfRepaymentInstalment>
    <gsl:LineOfCreditFacilityNumberOfRepaymentInstalment contextRef="From2019-01-01to2019-12-31_custom_JuniorFacilityMember_custom_TrancheBMember" decimals="INF" unitRef="U_pure">14</gsl:LineOfCreditFacilityNumberOfRepaymentInstalment>
    <gsl:LineOfCreditFacilityNumberOfRepaymentInstalment contextRef="From2019-01-01to2019-12-31_custom_JuniorFacilityMember_custom_TrancheCMember" decimals="INF" unitRef="U_pure">14</gsl:LineOfCreditFacilityNumberOfRepaymentInstalment>
    <gsl:LineOfCreditFacilityNumberOfRepaymentInstalment contextRef="From2019-01-01to2019-12-31_custom_SeniorFacilityMember_custom_TrancheBMember" decimals="INF" unitRef="U_pure">14</gsl:LineOfCreditFacilityNumberOfRepaymentInstalment>
    <gsl:LineOfCreditFacilityNumberOfRepaymentInstalment contextRef="From2019-01-01to2019-12-31_custom_SeniorFacilityMember_custom_TrancheCMember" decimals="INF" unitRef="U_pure">14</gsl:LineOfCreditFacilityNumberOfRepaymentInstalment>
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    <us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;(a) Basis of Presentation &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 are prepared in accordance with United States Generally Accepted Accounting Principles (&amp;#8220;U.S. GAAP&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 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&amp;#160;A common shares and Class&amp;#160;B common shares per
share amounts disclosed in the consolidated financial statements and notes give effect to the reverse stock split retroactively,
for all years presented.&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 1, 2019, the Company adopted
the requirements of ASU&amp;#160;2016-02 &amp;#8221;Leases&amp;#8221;&amp;#160; (&amp;#8220;ASC 842&amp;#8221; or &amp;#8220;the new lease standard&amp;#8221;),
applying the alternative transition method, which is consistent with the approach the Company elected under the new revenue standard
adopted as of January 1, 2018. The Company has elected to adopt the practical expedient for lessors to combine lease and&amp;#160;non-lease&amp;#160;components
of revenue earned by its vessels under time charter agreements classified as operating leases. A time charter involves placing
a vessel at the charterer&amp;#8217;s disposal for a period of time during which the charterer uses the vessel, in return for the payment
of a specified daily hire rate. Under time charters, operating costs such as for crews, maintenance and insurance are typically
paid by the owner of the vessel. The performance obligations in a time charter contract are satisfied over the term of the contract
beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. All of the Company&amp;#8217;s
time charter agreements provide for fixed consideration. The revenue earned under time charter contracts is not negotiated in separate
components. The Company assessed that the lease component included in its time charter contracts, if accounted separately, would
be classified as an operating lease. In addition, the timing and pattern of transfer of the&amp;#160;non-lease component and the associated
lease component in a time charter are the same. All of the Company&amp;#8217;s revenues for years ended December 31, 2019 and 2018
derive from time charter agreements that are classified as operating leases.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;The Company believes that combining
the lease and&amp;#160;non-lease&amp;#160;components provides for more meaningful financial reporting as it is more reflective of the predominant
component in the time charter contracts which is the lease component.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0; text-align: justify"&gt;As a result of this adoption, there
was no cumulative impact to the Company&amp;#8217;s retained earnings at January&amp;#160;1, 2019. The comparative information has not
been revised and continues to be reported under the accounting standards in effect for those periods (ASC 840), including disclosure
requirements.&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: 9.9pt 0 0; text-align: justify"&gt;A significant portion 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, which operate in an industry that is subject to volatility.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 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, these events may give rise to 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: 9.9pt 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: 0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
    <us-gaap:ConsolidationPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&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;</us-gaap:ConsolidationPolicyTextBlock>
    <us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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;</us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy>
    <gsl:InsurancePolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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;</gsl:InsurancePolicyTextBlock>
    <us-gaap:InventoryPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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;</us-gaap:InventoryPolicyTextBlock>
    <gsl:DividendsPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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;</gsl:DividendsPolicyTextBlock>
    <us-gaap:ConcentrationRiskCreditRisk contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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;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;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="font: 12pt Times New Roman, Times, Serif; width: 6%; padding-top: 9.9pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 12pt Times New Roman, Times, Serif; width: 94%; padding-top: 9.9pt; 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;tr style="vertical-align: top"&gt;
    &lt;td style="font: 12pt Times New Roman, Times, Serif; padding-top: 9.9pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;(ii)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 12pt Times New Roman, Times, Serif; padding-top: 9.9pt; 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, 2019, to the extent that
    substantially all of the amounts are deposited with  five banks (2018; eight 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;</us-gaap:ConcentrationRiskCreditRisk>
    <us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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 has awarded incentive stock
units to its management and Directors as part of their compensation.&lt;/p&gt;

&lt;p style="font: 10pt 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;Using the graded vesting method of expensing
the incentive stock unit grants, the weighted average fair value of the stock units is recognized as compensation costs in the
Consolidated Statements of Operations over the vesting period. The fair value of the incentive 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. The Company has not factored
any anticipated forfeiture into these calculations based on the limited number of participants.&lt;/p&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
    <us-gaap:IncomeTaxPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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;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% (2018: 19%, 2017: 19%).&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;</us-gaap:IncomeTaxPolicyTextBlock>
    <us-gaap:EarningsPerSharePolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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;</us-gaap:EarningsPerSharePolicyTextBlock>
    <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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 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:NewAccountingPronouncementsPolicyPolicyTextBlock>
    <us-gaap:CashAndCashEquivalentsDisclosureTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&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;&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;&amp;#160;Restricted cash as of December&amp;#160;31,
2019 and 2018 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: center"&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: center"&gt;&lt;b&gt;2019&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: center"&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: center"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="width: 64%; 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%; 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; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3,024&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;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; width: 12%; 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;/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;Restricted 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;885&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"&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="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;3,909&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: 18.05pt"&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;2,186&lt;/b&gt;&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;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9.05pt"&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: 18.05pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9.05pt"&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="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;5,190&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;Guarantee deposits&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;10&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;&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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Restricted 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;503&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;&lt;font style="font-size: 9pt"&gt;637&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 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: 9.05pt"&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;5,703&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: 18.05pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9.05pt"&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;5,827&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;9,612&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;8,013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</us-gaap:CashAndCashEquivalentsDisclosureTextBlock>
    <us-gaap:InventoryDisclosureTextBlock contextRef="C_0001430725_20170101_20171231">&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; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;Inventories as of December&amp;#160;31, 2019 and December&amp;#160;31, 2018
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, 2019&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="border-bottom: Black 1pt solid; 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;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;/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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;251&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&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;443&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;4,331&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;4,958&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;777&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;192&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="border-bottom: Black 1pt solid; 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; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;236&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="border-bottom: Black 1pt solid; 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; white-space: nowrap; 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;/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="border-bottom: Black 1.5pt double; 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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;5,595&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt 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;/tr&gt;
&lt;/table&gt;</us-gaap:InventoryDisclosureTextBlock>
    <us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="From2019-01-01to2019-12-31_us-gaap_AccountsPayableMember">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&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, 2019 and 2018 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="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, 2019&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="border-bottom: Black 1pt solid; 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;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;/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;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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;7,327&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&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;8,561&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; 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; 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;163&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"&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;358&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;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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;762&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"&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;368&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; 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="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;800&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"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; 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;299&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="border-bottom: Black 2.25pt double; 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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;9,052&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;9,586&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
    <us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="From2019-01-01to2019-12-31_us-gaap_AccruedLiabilitiesMember">&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; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;Accrued liabilities as of December&amp;#160;31, 2019 and 2018 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="border-bottom: Black 1pt solid; white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2019&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="border-bottom: Black 1pt solid; white-space: nowrap; width: 3%; 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; width: 14%; 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="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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;16,047&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&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;7,154&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="border-bottom: Black 1pt solid; 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="border-bottom: Black 1pt solid; 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;6,869&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="border-bottom: Black 1pt solid; 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="border-bottom: Black 1pt solid; 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;8,253&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="border-bottom: Black 2.25pt double; 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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;22,916&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;15,407&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
    <us-gaap:ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock contextRef="C_0001430725_20170101_20171231">&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 rowspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 25%; 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 rowspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Fleet &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 14%; 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;br /&gt;
Incorporation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 21%; 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="border-bottom: black 1pt solid; vertical-align: bottom; width: 10%; 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;(2) &lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 7%; 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 rowspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; 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 style="width: 1%"&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 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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Matisse&amp;#160;&amp;#160;&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 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;1999&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: 8pt"&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="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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;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 style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;1999&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;1Q20&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;Global Ship Lease 5 Limited &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;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 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&amp;#160;&amp;#160;&amp;#160;&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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;1Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 6 Limited &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;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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Julie&amp;#160;&amp;#160;&amp;#160;&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 style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2002&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: center"&gt;&lt;font style="font-size: 9pt"&gt;1Q20&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;Global Ship Lease 7 Limited &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;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 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 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;2002&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;4Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 8 Limited &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;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 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 style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2002&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: center"&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;Global Ship Lease 9 Limited &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;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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL 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 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: center"&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="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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;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 style="white-space: nowrap; 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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&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;Global Ship Lease 12 Limited &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;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 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 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;2007&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;4Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 13 Limited &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;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 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 style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2008&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;4Q25&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;Global Ship Lease 14 Limited &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;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 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&amp;#160;&amp;#160;&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 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;2006&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;3Q22&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 15 Limited &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;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 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 style="white-space: nowrap; 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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&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 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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&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 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&amp;#160;&amp;#160;&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 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;2006&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;3Q22&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 20 Limited&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;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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;MSC Tianjin&amp;#160;&amp;#160;&amp;#160;&amp;#160;&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;8,603&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;2005&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;2Q24(3)&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;Global Ship Lease 21 Limited&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;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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;MSC 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;8,603&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;2004&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;2Q24(3)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 22 Limited&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;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 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;8,603&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;2004&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;3Q20&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;Global Ship Lease 23 Limited &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;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 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 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: center"&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 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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&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 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 style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2005&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;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;Global Ship Lease 30 Limited&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;&amp;#8212;&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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Eleni&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;7,847&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;2004&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;3Q24&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 31 Limited&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;&amp;#8212;&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;Marshall Islands&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;GSL Kalliopi &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;7,847&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;2004&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;4Q22(4)&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;Global Ship Lease 32 Limited&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;&amp;#8212;&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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Grania&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;7,847&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;2004&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;3Q22(4)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 33 Limited&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;&amp;#8212;&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;Liberia&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;GSL Vinia&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;6,080&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;2004&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;2Q24&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;Global Ship Lease 34 Limited&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;&amp;#8212;&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;Liberia&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;GSL Christel Elisabeth&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;6,080&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;2004&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;2Q24&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;GSL Alcazar Inc. &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;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;Marshall Islands&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;CMA CGM Alcazar&amp;#160;&amp;#160;&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;5,089&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;2007&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;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 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 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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;1Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Aphrodite Marine LLC&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;Poseidon&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;Marshall Islands&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;Nikolas &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;2,506&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;2000&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;1Q20&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 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 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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;1Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Hephaestus Marine LLC&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;Poseidon&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;Marshall Islands&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;Dolphin II &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;5,095&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;2007&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;3Q20&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 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 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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;1Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Zeus One Marine LLC&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;Poseidon&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;Marshall Islands&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;Orca I &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;5,095&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;2006&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;2Q20&lt;sup&gt;(5)&lt;/sup&gt;&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 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 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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;4Q23&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Alexander Marine LLC&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;Poseidon&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;Marshall Islands&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;Mary&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;6,927&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;2013&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;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 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 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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;2Q24&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Ikaros Marine LLC&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;Poseidon&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;Marshall Islands&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;Katherine&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;6,927&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;2013&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;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 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 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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;2Q22&lt;sup&gt;(6)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Hudson Marine LLC&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;Poseidon&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;Marshall Islands&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;Dimitris Y &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;5,936&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;2000&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;2Q21&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 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 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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;1Q21&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Philippos Marine LLC&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;Poseidon&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;Marshall Islands&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;Alexandra&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;6,927&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;2013&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;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;Aristoteles Marine LLC&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;Poseidon&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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Alexis&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;6,882&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;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: center"&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="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Menelaos Marine LLC&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;Poseidon&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;Marshall Islands&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;Olivia I&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;6,882&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;2015&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;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 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 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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;1Q22&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Penelope Marine LLC&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;Poseidon&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;Marshall Islands&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;Maira XL &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;9,115&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;2015&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;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 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 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 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 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 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: center"&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;/table&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;&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; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;i&gt;(1) All subsidiaries are 100% owned, either directly or indirectly;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;i&gt;(2) Twenty - foot Equivalent Units;&amp;#9;&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;i&gt;(3)&amp;#160;Five-year charters which commenced 2Q2019;&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;i&gt;(4) Additional 12 - 24 month extension at charterer&amp;#8217;s option;&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;i&gt;(5) Rate increases to $10,000 per day from June 3, 2020;&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;i&gt;(6) Additional 12 - month extension at charterer&amp;#8217;s option, callable in 2Q2022 at an increased rate of $20,000 per day.&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&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: center"&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: center"&gt;&lt;b&gt;2019&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: center"&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: center"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="width: 64%; 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%; 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; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;3,024&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;&lt;font style="font-size: 9pt"&gt;&amp;#160;$ &lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; width: 12%; 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;/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;Restricted 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;885&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"&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="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;3,909&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: 18.05pt"&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;2,186&lt;/b&gt;&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;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9.05pt"&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: 18.05pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9.05pt"&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="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;5,190&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;Guarantee deposits&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;10&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;&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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;Restricted 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;503&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;&lt;font style="font-size: 9pt"&gt;637&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 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: 9.05pt"&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;5,703&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: 18.05pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9.05pt"&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;5,827&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;9,612&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;8,013&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: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, 2019&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="border-bottom: Black 1pt solid; 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;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;/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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;251&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&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;443&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;4,331&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;4,958&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;777&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;192&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="border-bottom: Black 1pt solid; 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; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;236&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="border-bottom: Black 1pt solid; 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; white-space: nowrap; 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;/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="border-bottom: Black 1.5pt double; 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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;5,595&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt 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;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&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"&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, 2019&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="border-bottom: Black 1pt solid; 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;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;/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;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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;7,327&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&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;8,561&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; 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; 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;163&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"&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;358&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;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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;762&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"&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;368&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; 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="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;800&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"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; 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;299&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="border-bottom: Black 2.25pt double; 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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;9,052&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;9,586&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: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="border-bottom: Black 1pt solid; white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;December 31, 2019&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="border-bottom: Black 1pt solid; white-space: nowrap; width: 3%; 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; width: 14%; 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="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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;16,047&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&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;7,154&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="border-bottom: Black 1pt solid; 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="border-bottom: Black 1pt solid; 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;6,869&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="border-bottom: Black 1pt solid; 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="border-bottom: Black 1pt solid; 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;8,253&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="border-bottom: Black 2.25pt double; 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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;22,916&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;15,407&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:ScheduleOfAccruedLiabilitiesTableTextBlock>
    <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="border-bottom: Black 1pt solid; white-space: nowrap; 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="border-bottom: Black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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;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; 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;57.18%&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;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;/tr&gt;
&lt;tr style="background-color: white"&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;COSCO&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;10.88%&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;&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="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;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;&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="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;/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="border-bottom: Black 1pt solid; width: 75%; 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="border-bottom: Black 1pt solid; width: 21%; 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="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: 10pt"&gt;December 31, 2020&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 10pt"&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;236,876&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: 10pt"&gt;December 31, 2021&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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;172,068&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: 10pt"&gt;December 31, 2022&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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;142,411&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: 10pt"&gt;December 31, 2023&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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;106,747&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: 10pt"&gt;Thereafter&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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;51,698&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;&lt;font style="font-size: 10pt"&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;709,800&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:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
    <us-gaap:PropertyPlantAndEquipmentImpairment contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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;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 2019, 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 for impairment
for vessel groups where the carrying value as at December 31, 2019 might not be recoverable.&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 a result, step one of the impairment assessment
of each of the vessel groups was performed, by comparing the undiscounted projected net operating cash flows for each vessel group
to the carrying value of the vessel group. No impairment was identified for the year ended December 31, 2019.&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;As of December&amp;#160;31, 2018, it was determined
that step two of the impairment analysis was required for three vessels groups, 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 Operations, being the aggregate 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 resulted in
impairment charges of $87,624.&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentImpairment>
    <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&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: 9.9pt 0 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: 9.9pt 0 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, 2019 and 2018.&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;Management estimates the residual values
of the Company&amp;#8217;s container vessels based on a scrap value cost of steel times the weight of the vessel noted in lightweight
tons (LWT). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other
reasons. Revision of residual values affect the depreciable amount of the vessels and affects depreciation expense in the period
of the revision and future periods. Up to December 31, 2018, management estimated the residual values of its vessels based on scrap
rate of $250 per LWT. Effective January 1, 2019, following management&amp;#8217;s consideration of current market trends for scrap
rates and historical scrap rates of the residual values of the Company&amp;#8217;s vessels, the estimated scrap value per LWT was increased
to $400. This change in accounting estimates did not materially affect the statements of operations and the earnings/ (losses)
per share of the Company for the year ended 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;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 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;&lt;u&gt;Acquisition of the Poseidon
Fleet&lt;/u&gt;&lt;/i&gt;&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;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;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; width: 76%; 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="width: 2%; 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; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; width: 19%; 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 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 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 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 3)&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: 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 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&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: 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 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 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 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;&lt;b&gt;136,966&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&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"&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;b&gt;Fair Value of Consideration Given&lt;/b&gt;&lt;/p&gt;&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="border-bottom: Black 1pt solid; vertical-align: bottom; 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: 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;Amount&lt;/b&gt;&lt;/p&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;Share price as of November 15, 2018 (as adjusted for reverse stock split)&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: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;7.84&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Fair value of stock-based consideration&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;125,133&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Capitalized transaction expenses&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;11,833&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total consideration&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;&lt;b&gt;136,966&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;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
    <us-gaap:OtherCurrentAssetsTextBlock contextRef="C_0001430725_20170101_20171231">&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,
2019 and December&amp;#160;31, 2018 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, 2019&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="border-bottom: Black 1pt solid; 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"&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;/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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1,709&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&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;1,761&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;4,964&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"&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"&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;/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;&amp;#8212;&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"&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"&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;/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;998&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"&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"&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;/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="border-bottom: Black 1pt solid; 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;461&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"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; 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;/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="border-bottom: Black 2.25pt double; 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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;8,132&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;6,214&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="width: 63%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 14%"&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: 3%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&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; text-align: justify"&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"&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, 2019&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="border-bottom: Black 1pt solid; 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"&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;/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;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;1,709&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;$&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;1,761&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;4,964&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"&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"&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;/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;&amp;#8212;&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"&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"&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;/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;998&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"&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"&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;/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="border-bottom: Black 1pt solid; 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;461&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"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; 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;/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="border-bottom: Black 2.25pt double; 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;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;8,132&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;6,214&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:ScheduleOfOtherCurrentAssetsTableTextBlock>
    <us-gaap:RevenueFromContractWithCustomerTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;12&lt;/b&gt;. &lt;b&gt;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;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="border-bottom: Black 1pt solid; white-space: nowrap; 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="border-bottom: Black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; 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;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; 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;57.18%&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;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;/tr&gt;
&lt;tr style="background-color: white"&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;COSCO&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;10.88%&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;&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="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;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;&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="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;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;</us-gaap:RevenueFromContractWithCustomerTextBlock>
    <us-gaap:AmortizationOfAboveAndBelowMarketLeases contextRef="C_0001430725_20170101_20171231" decimals="-3" unitRef="U_iso4217USD">1933000</us-gaap:AmortizationOfAboveAndBelowMarketLeases>
    <us-gaap:AmortizationOfAboveAndBelowMarketLeases contextRef="C_0001430725_20160101_20161231" decimals="-3" unitRef="U_iso4217USD">-1305000</us-gaap:AmortizationOfAboveAndBelowMarketLeases>
    <us-gaap:AmortizationOfAboveAndBelowMarketLeases contextRef="C_0001430725_20150101_20151231" decimals="-3" unitRef="U_iso4217USD">-1807000</us-gaap:AmortizationOfAboveAndBelowMarketLeases>
    <us-gaap:StockIssued1 contextRef="C_0001430725_20160101_20161231" 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">0</us-gaap:StockIssued1>
    <us-gaap:StockIssued1 contextRef="C_0001430725_us-gaapStatementClassOfStockAxis_us-gaapCommonClassAMember_20160101_20161231" decimals="-3" unitRef="U_iso4217USD">23564000</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="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>
    <us-gaap:StockIssued1 contextRef="From2019-01-01to2019-12-31_us-gaap_SeriesCPreferredStockMember" decimals="-3" unitRef="U_iso4217USD">0</us-gaap:StockIssued1>
    <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>
    <us-gaap:DeferredFinanceCostsGross contextRef="AsOf2019-12-31_custom_TwoThousandTwentyTwoNotesMember" decimals="-3" unitRef="U_iso4217USD">1859000</us-gaap:DeferredFinanceCostsGross>
    <us-gaap:DeferredFinanceCostsGross contextRef="AsOf2018-12-31_custom_TwoThousandTwentyTwoNotesMember" decimals="-3" unitRef="U_iso4217USD">2659000</us-gaap:DeferredFinanceCostsGross>
    <us-gaap:DeferredFinanceCostsGross contextRef="AsOf2019-12-31_custom_TwoThousandTwentyFourNotesMember" decimals="-3" unitRef="U_iso4217USD">6000</us-gaap:DeferredFinanceCostsGross>
    <us-gaap:DeferredFinanceCostsGross contextRef="AsOf2018-12-31_custom_TwoThousandTwentyFourNotesMember" decimals="-3" unitRef="U_iso4217USD">0</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:SegmentReportingPolicyPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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;</us-gaap:SegmentReportingPolicyPolicyTextBlock>
    <us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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;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;&lt;b&gt;Level&amp;#160;1&lt;/b&gt; &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;&lt;b&gt;Level&amp;#160;2&lt;/b&gt; &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;&lt;b&gt;Level&amp;#160;3&lt;/b&gt; &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 Operations 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, of 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 Operations.&lt;/p&gt;</us-gaap:FairValueOfFinancialInstrumentsPolicy>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&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 unscheduled off-hire, assuming expiry at earliest possible dates and assuming
options callable by the Company included in the charters are not exercised, for the 43 vessels as at December 31, 2019 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="border-bottom: Black 1pt solid; width: 75%; 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="border-bottom: Black 1pt solid; width: 21%; 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="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: 10pt"&gt;December 31, 2020&lt;/font&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 10pt"&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;236,876&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: 10pt"&gt;December 31, 2021&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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;172,068&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: 10pt"&gt;December 31, 2022&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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;142,411&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: 10pt"&gt;December 31, 2023&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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;106,747&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: 10pt"&gt;Thereafter&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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;51,698&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;&lt;font style="font-size: 10pt"&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;709,800&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
    <gsl:DeferredChargesTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&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;&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,
2019 and 2018 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="border-bottom: white 2.25pt double; width: 82%; 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, 2018&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="border-top: Black 1pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;11,259&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;2,635&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="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: white"&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: #CCECFF"&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 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;9,569&lt;/b&gt;&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;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;11,066&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-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;(4,169)&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;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;(58)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&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, 2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt 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 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;16,408&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"&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;</gsl:DeferredChargesTextBlock>
    <us-gaap:NumberOfReportableSegments contextRef="C_0001430725_20170101_20171231" decimals="INF" unitRef="U_gslUnit">1</us-gaap:NumberOfReportableSegments>
    <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>
    <gsl:NumberOfBanksHoldingDeposits contextRef="C_0001430725_20171231" decimals="INF" unitRef="U_gslUnit">5</gsl:NumberOfBanksHoldingDeposits>
    <gsl:NumberOfBanksHoldingDeposits contextRef="C_0001430725_20161231" decimals="INF" unitRef="U_gslUnit">8</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="border-bottom: white 2.25pt double; width: 82%; 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, 2018&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="border-top: Black 1pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;11,259&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;2,635&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="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: white"&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: #CCECFF"&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 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;9,569&lt;/b&gt;&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;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;11,066&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-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;(4,169)&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;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;(58)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&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, 2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1.5pt 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 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;16,408&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:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock>
    <gsl:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsMaximumNumberOfGrantsInPeriod contextRef="From2019-01-01to2019-12-31_custom_TwoThousandNineteenIncentivePlanMember_us-gaap_CommonClassAMember_srt_MaximumMember" decimals="INF" unitRef="U_shares">12500</gsl:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsMaximumNumberOfGrantsInPeriod>
    <gsl:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsMaximumValueOfGrantsInPeriod contextRef="From2019-01-01to2019-12-31_custom_TwoThousandNineteenIncentivePlanMember_us-gaap_CommonClassAMember_srt_MaximumMember" decimals="-3" unitRef="U_iso4217USD">100000000</gsl:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsMaximumValueOfGrantsInPeriod>
    <us-gaap:NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1 contextRef="C_0001430725_20160101_20161231" decimals="-3" unitRef="U_iso4217USD">5404000</us-gaap:NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1>
    <us-gaap:NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1 contextRef="C_0001430725_20160101_20161231" decimals="-3" unitRef="U_iso4217USD">136966000</us-gaap:NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1>
    <us-gaap:NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 contextRef="C_0001430725_20160101_20161231" 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_VesselCostMember30976406" decimals="-3" unitRef="U_iso4217USD">617522000</us-gaap:NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1>
    <gsl:NoncashOrPartNoncashAcquisitionCashAndCashEquivalentsAcquired contextRef="C_0001430725_20160101_20161231" decimals="-3" unitRef="U_iso4217USD">35044000</gsl:NoncashOrPartNoncashAcquisitionCashAndCashEquivalentsAcquired>
    <us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationGiven1 contextRef="C_0001430725_20160101_20161231" 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>
    <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; width: 76%; 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="width: 2%; 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; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; width: 19%; 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 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 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 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 3)&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: 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 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&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: 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 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 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 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;&lt;b&gt;136,966&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&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"&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;b&gt;Fair Value of Consideration Given&lt;/b&gt;&lt;/p&gt;&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="border-bottom: Black 1pt solid; vertical-align: bottom; 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: 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;Amount&lt;/b&gt;&lt;/p&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;Share price as of November 15, 2018 (as adjusted for reverse stock split)&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: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;7.84&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Fair value of stock-based consideration&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;125,133&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Capitalized transaction expenses&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font-size: 9pt"&gt;11,833&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: #CCECFF"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Total consideration&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;$&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;&lt;b&gt;136,966&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:ScheduleOfNoncashOrPartNoncashAcquisitionsTextBlock>
    <gsl:AssetAcquisitionNegativeGoodwillRecognizedDuringPeriod contextRef="C_0001430725_20160101_20161231" decimals="-3" unitRef="U_iso4217USD">-143726000</gsl:AssetAcquisitionNegativeGoodwillRecognizedDuringPeriod>
    <gsl:CashAcquiredFromAssetAcquisitions contextRef="C_0001430725_20170101_20171231" decimals="-3" unitRef="U_iso4217USD">-826000</gsl:CashAcquiredFromAssetAcquisitions>
    <gsl:CashAcquiredFromAssetAcquisitions contextRef="C_0001430725_20160101_20161231" decimals="-3" unitRef="U_iso4217USD">24037000</gsl:CashAcquiredFromAssetAcquisitions>
    <gsl:CashAcquiredFromAssetAcquisitions contextRef="C_0001430725_20150101_20151231" decimals="-3" unitRef="U_iso4217USD">0</gsl:CashAcquiredFromAssetAcquisitions>
    <us-gaap:IntangibleAssetsFiniteLivedPolicy contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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: 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;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;</us-gaap:IntangibleAssetsFiniteLivedPolicy>
    <us-gaap:DebtPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&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: 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;</us-gaap:DebtPolicyTextBlock>
    <us-gaap:DeferredChargesPolicyTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 9.9pt 0 0"&gt;&lt;b&gt;(j) Deferred charges, 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;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;Other comprehensive income/ (loss),
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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
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    <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="C_0001430725_20170101_20171231">&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;1&lt;/b&gt;. &lt;b&gt;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;On August 14, 2008, Global Ship Lease,
Inc. (the &amp;#8220;Company&amp;#8221;) merged indirectly with Marathon Acquisition Corp., a company then listed on The American Stock
Exchange, and with the pre-existing Global Ship Lease, Inc. GSL Holdings, Inc. was the surviving entity, changed its name to Global
Ship Lease, Inc. and became listed on The New York Stock Exchange (the &amp;#8220;NYSE&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&amp;#160;15, 2018, the Company
completed a transformative transaction and acquired Poseidon Containers&amp;#8217; 20 containerships, one of which, the Argos, was
contracted to be sold, which sale was completed in December 2018, which we refer to herein as the &amp;#8220;Poseidon Transaction&amp;#8221;.
References herein to the &amp;#8220;GSL Fleet&amp;#8221; are to the 19 vessels that were owned by us prior to the consummation of the Poseidon
Transaction, and references to the &amp;#8220;Poseidon Fleet&amp;#8221; are to the 19 vessels that we acquired as a result of the Poseidon
Transaction, excluding the Argos.&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, 2019, the Company owned 43 vessels with average age
weighted by TEU capacity of 12.5 years. It had contracted to purchase two further ships, which were delivered in January and February
2020 (see note 18).&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 43 vessels owned as at December 31, 2019.&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 rowspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 25%; 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 rowspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;&lt;b&gt;Fleet &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 14%; 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;br /&gt;
Incorporation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 21%; 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="border-bottom: black 1pt solid; vertical-align: bottom; width: 10%; 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;(2) &lt;/b&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td rowspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 7%; 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 rowspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; 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 style="width: 1%"&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 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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Matisse&amp;#160;&amp;#160;&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 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;1999&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: 8pt"&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="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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;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 style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;1999&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;1Q20&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;Global Ship Lease 5 Limited &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;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 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&amp;#160;&amp;#160;&amp;#160;&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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;1Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 6 Limited &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;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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Julie&amp;#160;&amp;#160;&amp;#160;&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 style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2002&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: center"&gt;&lt;font style="font-size: 9pt"&gt;1Q20&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;Global Ship Lease 7 Limited &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;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 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 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;2002&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;4Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 8 Limited &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;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 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 style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2002&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: center"&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;Global Ship Lease 9 Limited &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;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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL 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 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: center"&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="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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;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 style="white-space: nowrap; 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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&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;Global Ship Lease 12 Limited &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;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 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 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;2007&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;4Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 13 Limited &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;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 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 style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2008&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;4Q25&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;Global Ship Lease 14 Limited &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;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 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&amp;#160;&amp;#160;&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 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;2006&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;3Q22&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 15 Limited &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;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 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 style="white-space: nowrap; 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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&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 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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&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 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&amp;#160;&amp;#160;&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 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;2006&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;3Q22&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 20 Limited&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;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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;MSC Tianjin&amp;#160;&amp;#160;&amp;#160;&amp;#160;&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;8,603&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;2005&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;2Q24(3)&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;Global Ship Lease 21 Limited&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;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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;MSC 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;8,603&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;2004&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;2Q24(3)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 22 Limited&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;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 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;8,603&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;2004&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;3Q20&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;Global Ship Lease 23 Limited &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;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 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 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: center"&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 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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&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 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 style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;2005&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;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;Global Ship Lease 30 Limited&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;&amp;#8212;&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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Eleni&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;7,847&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;2004&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;3Q24&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 31 Limited&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;&amp;#8212;&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;Marshall Islands&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;GSL Kalliopi &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;7,847&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;2004&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;4Q22(4)&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;Global Ship Lease 32 Limited&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;&amp;#8212;&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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;GSL Grania&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;7,847&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;2004&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;3Q22(4)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Global Ship Lease 33 Limited&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;&amp;#8212;&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;Liberia&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;GSL Vinia&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;6,080&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;2004&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;2Q24&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;Global Ship Lease 34 Limited&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;&amp;#8212;&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;Liberia&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;GSL Christel Elisabeth&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;6,080&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;2004&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;2Q24&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;GSL Alcazar Inc. &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;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;Marshall Islands&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;CMA CGM Alcazar&amp;#160;&amp;#160;&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;5,089&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;2007&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;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 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 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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;1Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Aphrodite Marine LLC&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;Poseidon&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;Marshall Islands&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;Nikolas &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;2,506&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;2000&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;1Q20&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 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 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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;1Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Hephaestus Marine LLC&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;Poseidon&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;Marshall Islands&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;Dolphin II &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;5,095&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;2007&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;3Q20&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 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 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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;1Q20&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Zeus One Marine LLC&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;Poseidon&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;Marshall Islands&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;Orca I &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;5,095&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;2006&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;2Q20&lt;sup&gt;(5)&lt;/sup&gt;&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 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 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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;4Q23&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Alexander Marine LLC&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;Poseidon&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;Marshall Islands&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;Mary&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;6,927&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;2013&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;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 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 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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;2Q24&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Ikaros Marine LLC&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;Poseidon&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;Marshall Islands&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;Katherine&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;6,927&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;2013&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;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 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 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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;2Q22&lt;sup&gt;(6)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Hudson Marine LLC&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;Poseidon&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;Marshall Islands&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;Dimitris Y &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;5,936&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;2000&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;2Q21&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 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 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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;1Q21&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Philippos Marine LLC&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;Poseidon&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;Marshall Islands&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;Alexandra&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;6,927&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;2013&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;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;Aristoteles Marine LLC&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;Poseidon&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 style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font-size: 9pt"&gt;Alexis&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;6,882&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;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: center"&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="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 9pt"&gt;Menelaos Marine LLC&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;Poseidon&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;Marshall Islands&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;Olivia I&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;6,882&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;2015&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;1Q24&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
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    &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;Poseidon&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 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 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 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: center"&gt;&lt;font style="font-size: 9pt"&gt;1Q22&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&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;Penelope Marine LLC&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;Poseidon&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;Marshall Islands&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;Maira XL &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;9,115&lt;/font&gt;&lt;/td&gt;
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&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&amp;#160;&lt;/p&gt;

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    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 9pt"&gt;&lt;i&gt;(2) Twenty - foot Equivalent Units;&amp;#9;&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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